The Journal of Energy and Development

volume 39, number 2, spring 2014 (copyright 2014)
https://www.scribd.com/doc/251838349/

Mohamed Arouri, Muhammad Shahbaz, Rattapon Onchang, Faridul Islam, and Frédéric Teulon,
“Environmental Kuznets Curve in Thailand: Cointegration and Causality Analysis,” The Journal
of Energy and Development, volume 39, number 2 (spring 2014, copyright 2014), pp. 149–170.
https://www.scribd.com/doc/251838629/
Abstract:
This study’s aim is to explore the existence of the environmental Kuznets curve (EKC) in the case of
Thailand over the period of 1971 through 2010. The EKC relationship posits that as the economy
grows—measured by per-capita income—at the initial stage energy pollutants increase, but the pollutants
start falling after a certain threshold income has been achieved. The postulated relation produces an
inverted U-curve and has been empirically verified for many nations. The paper implements the
autoregressive distributed lags (ARDL) bounds testing approach to cointegration in the presence of
structural break for a long-run relationship among the series and the error correction mechanism for the
short-run dynamics. The results confirm cointegration among economic growth, energy consumption,
trade openness, urbanization, and energy pollutants, therefore vindicating the presence of an EKC for
Thailand. Additionally, energy consumption and trade openness add to energy emissions while
urbanization lowers it. This study provides new insights for policy makers looking for sustainable
economic growth and promoting a cleaner environment through a comprehensive economic and
environmental policy.
Keywords: economic growth, energy consumption, environmental Kuznets curve (EKC), Thailand,
autoregressive distributive lag model (ARDL)
Francisco Ebeling, “Can Oil Steer Brazil’s Social and Economic Development? An Alternative New
Institutionalist Approach,” The Journal of Energy and Development, volume 39, number 2 (spring
2014, copyright 2014), pp. 171–206.
https://www.scribd.com/doc/251839245/
Abstract:
The aim of this paper is to assess under which conditions oil and gas extraction can be an opportunity
to steer Brazil’s social and economic development. This is accomplished from the point of view of
alternative elements of new institutionalism, an exercise related to Evans’ (2006) “extension of the
‘institutional’ turn.” The first section of the paper reviews the “resource curse” literature, with particular
emphasis on its institutional phase. The second section presents a review of mainstream new
institutionalism and discusses how its alternative strands can assist in accomplishing the paper’s goal. The
subsequent sections debate popular themes of the “resource curse” literature, which are critical in order to
assess whether this “golden ticket” will be seized upon or not: the exchange rate and the “Dutch disease,”
industrialization and the diversification of the economy, the transparent distribution of revenues and
education, and politics.
Keywords: new institutionalism, resource curse, Dutch disease, political institutions, Statism, social and
economic development, contemporary institutional political economy, Brazil, Petrobras, institutional turn

Abstracts from The Journal of Energy and Development

Mariya Titov and Ydriss Ziane, “Price Dynamics of Propylene and Ethylene in the United States,”
The Journal of Energy and Development, volume 39, number 2 (spring 2014, copyright 2014), pp.
207–217.
https://www.scribd.com/doc/251842369/
Abstract:
In this paper we discuss why using technical analysis to forecast propylene and ethylene prices in the
United States may be of great interest, especially when it is combined with the fundamental analysis of
these materials. We chose to focus on propylene and ethylene because of the profound changes taking
place in the U.S. petrochemicals market.
Keywords: prices dynamics, propylene, ethylene, United States, technical analysis, fundamental analysis,
oil, natural gas
Cosimo Magazzino and Lorenzo Giolli, “A Time-Series Analysis of the Aggregate Income-Energy
Consumption Nexus: The Case of Italy,” The Journal of Energy and Development, volume 39,
number 2 (spring 2014, copyright 2014), pp. 219–227.
https://www.scribd.com/doc/251986480/
Abstract:
We empirically analyze the nexus between gross domestic product (GDP) and energy consumption for
the time span of 1970–2009 years for Italy using a time-series approach. After a brief introduction, we
present the discussion of the data. Stationarity tests reveal that both series are non-stationary or I(1).
Moreover, since both series show the presence of a structural break, a G r e g o r y a n d
H a n s e n cointegration test has been performed. The results show evidence of the presence of a long-run
relationship. Causality tests reveal that the “neutrality hypothesis” emerges, insomuch as the absence of a
causal relationship between energy consumption and real GDP is discovered. The impulse-response
functions’ analysis evidences that a shock to the energy consumption affects GDP for one period, but
dies out very quickly. While shocks to GDP create a smaller but significant response in energy
consumption, this effect falls to zero within a few periods. Finally, we calculate with an error-correction
model that the long-run multiplier is 0.70. The energy consumption will increase to correct the
disequilibrium, with 11 percent of the (remaining) deviation corrected in each subsequent time period. In
addition, a one-unit increase in the GDP immediately produces a 1.07-unit increase in the energy
consumption.
Keywords: energy policies, energy consumption, GDP, time series, Italy
Nadia S. Ouedraogo, “The Electricity-Growth Nexus: A Dynamic Panel Data Approach,” The
Journal of Energy and Development, volume 39, number 2 (spring 2014, copyright 2014), pp. 229–
264.
https://www.scribd.com/doc/251986812/
Abstract: This paper investigates the dynamic relationship between electricity access and economic
growth in a group of 15 developing countries in Sub-Saharan Africa by using a cointegration analysis and
an error-correction model over the period 1980 to 2008. Results suggest that a long-term equilibrium
relationship between electricity consumption per capita and real GDP per capita exists for these countries.
Abstracts from The Journal of Energy and Development

After the Pedroni panel cointegration tests confirm the existence of a long-term equilibrium relationship,
error-correction mechanisms plus causality tests were run as further steps to investigate the causality
between electricity consumption and economic growth. The results suggest unidirectional causality
running from electricity consumption to GDP in the long run. Overall, it can be said that policies related
to electricity consumption have an effect or relation on the level of real output in the long run for the
countries under study (Benin, Burkina Faso, Cape Verde, Ivory Coast, Gambia, Ghana, Guinea, Guinea
Bissau, Liberia, Mali, Niger, Nigeria, Senegal, Sierra Leone, and Togo). The documented evidence from
these countries can provide useful information for each government with regard to energy and growth
policy.
Keywords: electricity, economic growth, panel cointegration, Sub-Saharan economies, Benin, Burkina
Faso, Cape Verde, Ivory Coast, Gambia, Ghana, Guinea, Guinea Bissau, Liberia, Mali, Niger, Nigeria,
Senegal, Sierra Leone, Togo
Jack Fuller and Matthew Robinson, “Realizing Performance and Emissions Goals in the Fluidized
Bed Combustion Industry,” The Journal of Energy and Development, volume 39, number 2 (spring
2014, copyright 2014), pp.265–278.
https://www.scribd.com/doc/251990255/
Abstract:
A major focus in the energy industry today is the reduction of harmful emissions, especially
greenhouse gases. Fossil fuel technologies offer the most reliable and effective solution to modern energy
demands, but also are considered the primary culprit behind harmful emissions. Meeting ever tighter
restrictions set forth by regulatory organizations such as the U.S. Environmental Protection Agency
requires continuous efforts to improve technology toward increased performance and reduced emissions.
The coal power plant industry is no exception. High performance Fluidized Bed Combustion (FBC) boiler
technology allows the coal industry to remain competitive in today’s difficult energy climate. The
continuous improvement efforts for FBC plants have come in the form of an extensive and ongoing
benchmark study spanning the last decade. This research paper presents the survey results and analysis of
the 2010 benchmark study and compares the data to past years. This allows the industry an important
reference tool to compare performance within the industry and identifies trends to assist industry
members in improvement efforts.
Keywords: industry benchmarking, atmospheric fluidized bed combustion, coal-fired power plants,
fluidized bed technology, power generation, coal, energy methods, environmental engineering,
sustainable development, coal

Abstracts from The Journal of Energy and Development

The Journal of Energy and Development
volume 39, number 1, autumn 2013 (copyright 2014)
https://www.scribd.com/doc/251816320/
Mohammed A. Al-Sahlawi and Øystein Noreng, “A Century after Sykes-Picot: Restructuring the
Middle East Through Iraq, Kurdistan, and the Arab Spring,” The Journal of Energy and
Development, volume 39, number 1 (autumn 2013, copyright 2014), pp. 1–52.
https://www.scribd.com/doc/251817307/
Abstract:
The First World War left a legacy in the Middle East state configuration that, after ten decades, is
crumbling. The disintegration of the Ottoman Empire resulted in a fragmented region and a number of
unsettled issues that continue to this day with control of the region’s oil still a critical factor. This paper
looks at the linkages and interplay among oil and gas development, foreign policy, and geopolitics in
shaping the events on the ground in the Middle East for the past century and presents an array of possible
scenarios for the future. Several key drivers of change are discussed including the ramifications of the
Arab Spring, the salience of oil in Middle East development, Turkey’s re-entry into Mideast politics as a
major player, the movement toward Kurdish autonomy, the destabilization of both Iraq and Syria, the
Israeli-Palestinian conflict, the impacts of an isolated Iran, and how instability has affected foreign energy
interests in the region.

Keywords: Middle East geopolitics, Iraq, Kurdistan, Syria, energy, oil and gas development, Arab
Spring, Saudi Arabia, Turkey, Iran, Israel, Islamic State, Sykes-Picot
Hassen Guenichi, “World Oil Prices, Energy Use, and Economic Growth Sectors: Relationships in
Tunisia,” The Journal of Energy and Development, volume 39, number 1 (autumn 2013, copyright
2014), pp. 53–72.
https://www.scribd.com/doc/251820284/
Abstract:
The current study examines the relationship among the world oil price, energy use, and the economic
growth sectors in a developing country—Tunisia—by means of a univariate unit root test and
cointegration analysis with two predetermined structural breaks. Results of the study indicate that world
oil prices negatively impact industrial growth but have a limited effect on the two other sectors—
agriculture and services. The agricultural sector is slightly affected due to government subsidies and the
services sector also is slightly influenced by a surge in world oil price thanks to the development of some
subsectors such as tourism, telecommunication, etc. The results indicate that all Tunisian economic
sectors are influenced by energy consumption, especially over the 10-year span of 1995–2005. Finally,
we conclude that energy use and world oil price have negative effects on Tunisian economic growth,
which contradicts the neoclassical assumption that energy is neutral to the growth.
Keywords: energy, oil prices, economic growth, structural changes, Tunisia, cointegration analysis, unit
root tests

Abstracts from The Journal of Energy and Development

Henri Atangana Ondoa and Achille Jean Baptiste Nsoe Nkouli, “The Effects of Regulatory
Agencies of Sub-Saharan Electricity Companies on Social Welfare,” The Journal of Energy and
Development, volume 39, number 1 (autumn 2013, copyright 2014), pp. 73–94.
https://www.scribd.com/doc/251821196/
Abstract:
In this study, we assess the effects of independent regulatory agencies (IRAs) on social welfare in 17
African countries for the period 2000–2010, with the data from the Association of Power Utilities of
Africa (APUA) and the World Bank. Two main methods have been used: descriptive analysis and
econometric analysis. The results show that the effects of regulatory agencies on social welfare are
negative. Indeed, the electrification rates are relatively low in countries that have created IRAs. In
addition, the quality of service is improving slowly in these countries while it is improving at higher rates
in other nations. It also should be noted that the price of electricity is relatively high in countries that
have IRAs. Reforms like regional integration and control of corruption can improve social welfare in the
electricity sector. Moreover, the creation of IRAs should be coupled with an increase of competition in
electricity markets.
Keywords: Africa, electricity, regulation, welfare, Angola, Benin, Botswana, Cameroon, Republic of
Congo, Côte d’Ivoire, Ethiopia, Gabon, Ghana, Kenya, Mozambique, Nigeria, Senegal, Sudan, Togo,
Zambia, Zimbabwe
Irene M. Xiarchos, Chali Nondo, and Mulugeta S. Kahsai, “Renewable Energy and Economic
Growth in U.S. States: A Panel Dynamic Approach,” The Journal of Energy and Development,
volume 39, number 1 (autumn 2013, copyright 2014), pp. 95–117.
https://www.scribd.com/doc/251821787/
Abstract:
This study investigates the relationship between energy investment, economic growth, and job creation
and how it differs for conventional and renewable energy. Although the literature for energy consumption
and growth is rich, this study is the first attempt to quantify the direction of causality between renewable
energy investment and employment at the regional level in the United States. Recent increases in
renewable energy investment in spite of the recession underlines the importance of understanding the
links of renewable energy investment with growth and job creation. Using data from the 48 U.S.
contiguous states plus the District of Columbia for 1997–2009, we find (a) the presence of a long-run
unidirectional relationship from investment in renewable energy capacity to gross domestic product
(GDP), (b) a two-way long-run causal relationship between fossil energy and real GDP, (c) a
unidirectional short- and long-run causality from renewable energy to employment, and (d) unidirectional
causality from employment to fossil energy in the long run.
Keywords: renewable energy investment, employment, GDP growth, panel causality tests, energyeconomic growth causality, U.S. states
J. C. Whorton, Jr. and John Whorton, “Reinventing the West: The Role of Its Natural Resources in
the 21st Century,” The Journal of Energy and Development, volume 39, number 1 (autumn 2013,
copyright 2014), pp. 119–143.
https://www.scribd.com/doc/251823855/

Abstracts from The Journal of Energy and Development

Abstract:
This paper examines how the American West is reinventing itself and the role of natural resources in
this process. There is a tug of war going on in the West over the development of natural resources on
public lands, which the authors examine in looking at the myths of the new economy versus the realities
of the old economy. The authors argue that the West may very well become the casebook study for the
rest of the world; as the ultimate balance of its policies, planning, and action will determine this “tug of
war’s” final outcome. The authors discuss how the recent expansion of the oil and gas industry in the
United States resulting from increased production and lower prices has created significant economic
growth, employment, and greater energy independence for the country. The paper also touches on the role
that shale gas and tight oil have played in this energy revolution. Four themes are addressed that are
crucial to understanding the issues affecting the reinvention of the American West: urban encroachment
into rural areas, access to and responsible use of water, environmentally sound extraction and
transportation of resources, and the financial and political effects of split-estate law.
The authors argue that, just as its vast lands are needed for agricultural sustainability to feed its
growing population, the West’s finite natural resources are the critical key to providing the required
energy for its future. Unfortunately, both need the same limited resource of water, as do its growing urban
centers. In resolving this festering competition, the region must produce a viable plan that can re-define
and revitalize itself, launching from its past and present outpost status to a predominant role on a par with
the more populated East and West Coasts. This plan may very well serve as a blueprint for Canada,
Mexico, China, and other countries that face many of the same issues now and in the coming years.
Keywords: American West, natural resource development, shale oil and gas, public lands, U.S. energy
independence, tight oil, fracking, Bureau of Land Management, split-estate law, water usage, urban
encroachment, environmentally sound energy extraction

Abstracts from The Journal of Energy and Development

The Journal of Energy and Development
volume 38, number 2, spring 2013 (copyright 2013)
http://www.scribd.com/doc/202948614/
Mohamed Nagy Eltony, “Transport-Sector Demand for Energy in Kuwait—Revisited,” The
Journal of Energy and Development, volume 38, number 2 (spring 2013, copyright 2013), pp. 133–
146.
http://www.scribd.com/doc/203404152/
Abstract:
In recent years, the Kuwaiti government has considered measures to reduce inefficiency and waste in
domestic energy consumption by the key sectors, especially transportation. The policy makers are
considering raising the price of domestic oil refined products among other measures to curb consumption
and deal with road congestion. One of the key elements of these measures that are currently under
discussion is the complete or partial removal of fuel price subsidies for road transportation. The aim of
this study is to estimate the demand for oil products in the transportation sector in Kuwait using time
series data for the period 1975–2010.
The results indicate that the demand for motor gasoline is inelastic with respect to price and income in
the short and long run. The demand has a short-run elasticity approaching unity when it comes to the
average fuel economy of the fleet of automobiles, which indicates a rapid response to global changes in
automobile technology. Furthermore, the results also reveal that diesel fuel consumption is price and
income inelastic in the short run but exceeds unit elasticity in the long run. As for the case of aviation
fuel, the demand is inelastic with respect to the price in the short run but it exceeds unit elasticity with
respect to the number of flights landed at Kuwait airport, which indicates that the level of activity is a
more important explanatory variable of the demand for aviation fuel than its own price.
Furthermore, the simulation of the estimated model under various scenarios regarding energy prices
revealed that there are definite long-run advantages to introducing fuel prices adjustment upward. There is
a great potential for energy conservation and fuel efficiency gains in the Kuwaiti transportation sector.
The moderate, the extreme, and the complete removal of subsidies scenarios showed that the
transportation sector will observe a decline in the range of 3 percent to 7 percent from the base-line
scenario. The size of the fleet of automobiles and improvements in technical fuel efficiency will
contribute significantly in that direction. Finally, for the result under total removal of price subsidies, fuel
prices for the transportation sector will be the highest prices among all the scenarios and the total energy
demand will be lower than the base-line scenario by about 7 percent in 2020.
Keywords: energy demand in Kuwait, transport sector, demand for oil products, time series
Jack Fuller and Steven Richmond, “Modes of Electricity Generation, Delivery Systems, and the
Role of Trust in Creating Solar Photovoltaic (PV) Markets,” The Journal of Energy and
Development, volume 38, number 2 (spring 2013, copyright 2013), pp. 147–156.
http://www.scribd.com/doc/203405144/
Abstract:
Fossil fuel-burning power plants have been a central feature of electricity delivery systems since their
inception. This highly centralized and top-down method of producing electric power for consumption is
extremely effective. However, recent political and social trends have called for the increased use of
alternative and renewable energy sources to mitigate the harmful effects that burning fossil fuels has on
Abstracts from The Journal of Energy and Development

the environment. Energy portfolio standards (EPS) policies have mandated that utilities produce a
percentage of their electricity using clean technologies. These mandates will have a profound effect on
traditional power delivery systems. Some technologies have been adopted rather easily while solar
photovoltaic (PV) installations continue to remain largely underutilized. This paper will make the case
that solar PV installations simply do not fit into the traditional power delivery system. They require that
consumers also become producers in the electricity market, creating a decentralized power network which
completely changes the traditional relationship between customers and utilities. When consumers
become part producers, they begin to think like the management team of a business. They must be certain
that their investments will have positive returns. The current regulatory and legal structure does not
address the needs of the consumer-producer hybrid. This will have to change in order to create trust in
the solar PV market and attract potential investors.
Keywords: solar photovoltaic markets, alternative energy sources, renewable energy, energy portfolio
standards, decentralized power networks, power delivery systems
Olivier Grosse and Benoît Sévi, “Decreasing R&D Expenditures in the European Energy Industry
and Deregulation,” The Journal of Energy and Development, volume 38, number 2 (spring 2013,
copyright 2013), pp. 157–188.
http://www.scribd.com/doc/203405892/
Abstract:
Since the middle of the 1980s, particularly in Europe, the public energy expenditures on research and
development (R&D) have slowed down noticeably. Meanwhile, the European deregulation of energy
network activities and the consecutive restructuring of energy sectors have led companies to significantly
reduce their R&D investments. What will be the consequences of the public and private declines in
energy R&D on the output of new technical knowledge? We suggest that the private energy R&D
restructuring in the long term might favor the exploitation strategies of companies to the detriment of their
exploration strategies, thereby limiting the potential to develop new technologies that may deal with the
global warming issue. We also examine whether specific incentives—intended to correct the present trend
of energy R&D—have been and or should be implemented by the leading European countries.
Keywords: energy industry restructuring, R&D budgets, global warming, innovation, patents,
technological knowledge, gas, electricity, European R&D
Ignacio César Cruz Islas, “Energy Consumption of Mexican Households,” The Journal of Energy
and Development, volume 38, number 2 (spring 2013, copyright 2013), pp. 189–219.
http://www.scribd.com/doc/203409831/
Abstract:
Energy consumption of households is closely linked to domestic activities, the social and economic
status of people, and practices that surround their daily lives. The objective of this article is to study
energy consumption patterns in Mexican households, at a specific moment in time, by incorporating two
levels of analysis. First, the linkage between energy consumption of households within a particular
geographical context—urban and non-urban areas—and regions of the country is examined. Second, the
relationship between energy consumption and socio-demographic characteristics of Mexican households
is assessed. Using income and expenditure survey ENIGH 2008 as the information source, we construct a
proxy for energy consumption. To obtain this proxy we use electricity and fuel spending; next we
Abstracts from The Journal of Energy and Development

calculate energy units according to their energy content. As a final result there are two logistic regression
models. In these models we use energy consumption per household and per capita as dependent
variables, respectively.
Keywords: Mexico, energy consumption, developing countries, estimation methods, household energy
use patterns
Uday Shankar and Surendra Sharma, “Access to Energy: Looking through the Prism of Human
Rights—The Indian Experience,” The Journal of Energy and Development, volume 38, number 2
(spring 2013, copyright 2013), pp. 221–239.
http://www.scribd.com/doc/203467107/
Abstract:
The paper attempts to identify the right of access to energy on the landscape of human rights using
India as the case study. The contents of what comprises human rights increasingly are expanding and
evolving to keep pace not only with societal needs but also with individuals’ expectations and
perceptions. We begin with an analysis of the evolution of human rights, the expansion of the discourse
on human rights, and the identification of new rights. In particular, we examine these issues by evaluating
the development of India’s laws and most pertinent cases regarding this subject. We continue with a
discussion of why the access to energy itself constitutes an element of human rights. In conclusion, the
paper presents the importance of the right to energy within the overall discussion on human rights.
Keywords: access to energy, human rights, India, Indian legal system
Rania Ben Hamida, “Electricity Consumption and Industrial Gross Domestic Product Nexus in
Sfax: An ARDL Bounds Testing Approach,” The Journal of Energy and Development, volume 38,
number 2 (spring 2013, copyright 2013), pp. 241–255.
http://www.scribd.com/doc/203467971/
Abstract:
In this paper, we analyze the causal relationship between the level of development expressed by the
gross domestic product (GDP) for the industrial manufacturing of Sfax (Tunisia) and the energy
consumption expressed by the electricity consumption in the industrial sector. The study period is from
1980 to 2010. Unlike the majority of works in this area, we use the developed autoregressive distributed
lag (ARDL) bounds testing approach by M. H. Pesaran et al. (2001). This cointegration procedure is
considered the most appropriate one in this case where the variables concerned in our study are not
derived from the same order of integration. This regional study is specific to Sfax because it is considered
to be the second largest industrial center in Tunisia and among the top regions in terms of fossil-fuel
energy resource use in the nation.
Keywords: gross domestic product (GDP), causality, electricity consumption in Tunisia, cointegration,
ARDL bounds testing, long-term relationships, Sfax, industrial GDP

Abstracts from The Journal of Energy and Development

Mine Şenel, Bilgin Şenel, Levent Bilir, and Vedat Zeytin, “The Relation between Electricity
Demand and the Economic and Demographic State: A Multiple Regression Analysis,” The Journal
of Energy and Development, volume 38, number 2 (spring 2013, copyright 2013), pp. 257–274.
http://www.scribd.com/doc/203469755/
Abstract:
In this study, the electricity demand of a Turkish city (Eskişehir), which has contributed considerably
to the industrial development of the country, is forecasted with linear and non-linear regression models.
We run our models based upon gross national product values, which is a significant indicator of
population and economic development. The electricity demand for the period between 2009 and 2015 is
forecasted with the most consistent model among the ones we investigated. Based upon our research, we
offer some recommendations about the policies and precautions that Eskişehir should take into account.
Keywords: gross national product (GNP), electrical peak load, regression model, electricity demand,
electricity in Turkey, Eskişehir

Abstracts from The Journal of Energy and Development

The Journal of Energy and Development
volume 38, number 1, autumn 2012 (copyright 2013)
http://www.scribd.com/doc/202945592/
Melike Bildirici, “Economic Growth and Energy Consumption in G7 Countries: MS-VAR and MSGranger Causality Analysis,” The Journal of Energy and Development, volume 38, number 1
(autumn 2012, copyright 2013), pp. 1–30.
http://www.scribd.com/doc/202950688/
Abstract:
This paper uses Markov-Switching vector autoregression (MS-VAR) models and Markov-Switching
Granger (MS-Granger) causality analysis to assess the relationship between energy consumption and
economic growth for G7 countries (Canada, France, Germany, Japan, Italy, the United States, and the
United Kingdom). The MS-VAR and MS-Granger causality approaches were utilized to evaluate
causality under three different economic regimes (high growth, moderate growth, and recessionary) of the
business cycle. MSIA(3)-VAR(.) models were selected for Canada, France, Italy, and the United States,
while MSIAH(3)-VAR(.) models were chosen for Germany, Japan, and the United Kingdom. According
to the author’s results, some evidence was found of bi-directional Granger causality between energy
consumption (EC) and gross domestic product (GDP). For Japan, GDP was not found to be the Granger
cause of EC in the high growth regime; however, overall, there was a bi-directional Granger causality
relationship between energy consumption and GDP. There is evidence that supports the growth
hypothesis for Italy, Japan, and the United States. The conservation hypothesis was best supported by the
results for Canada and France. Last, the neutrality hypothesis was supported by the evidence from
Germany and the United Kingdom. Furthermore, this paper offers recommendations on what energy
policies would be best suited for implementation with the least effect on economic growth for the G7
nations.
Keywords: economic growth, energy consumption, Markov Switching VAR (MS-VAR), Markov
Switching Granger (MS-Granger) causality, G7 economies
Matiur Rahman and Prashanta K. Banerjee, “Causal Nexus of Electricity Consumption and
Economic Growth: Evidence for Eight Selected Asian Countries,” The Journal of Energy and
Development, volume 38, number 1 (autumn 2012, copyright 2013), pp. 31-44.
http://www.scribd.com/doc/128418513/
Abstract:
This paper explores the causal nexus between electricity consumption and real gross domestic product
(GDP) in eight selected Asian countries. Annual data from 1981 through 2010 are utilized. To examine
time series data nonstationarity/stationarity, augmented Dickey-Fuller (ADF) and the KwiatkowskiPhillips-Schmidt-Shin (KPSS) tests are applied. Depending on the orders of integration of variables, the
Johansen-Juselius procedure for I(1) behavior and the autoregressive distributed lag (ARDL) procedure
for different orders of integration are implemented. Based upon the evidence of cointegration or no
cointegration, vector error-correction models (VECMs) and vector autoregressive models (VARs) are
estimated, respectively.
With the exception of India and Sri Lanka, there was evidence of weak bi-directional long-run
causality between electricity consumption and real GDP growth with short-run net positive interactive

Abstracts from The Journal of Energy and Development

feedback effects. However, the long-run bi-directional causality is strong only in the case of Pakistan.
Based on the VAR estimates, moderate bi-directional Granger causation is found for India and Sri Lanka.
Keywords: electricity, economic growth, unit root, cointegration, vector error-correction models
(VECMs), causality, feedbacks, short run, long run, China, Bangladesh, India, Sri Lanka, Malaysia,
Indonesia, Taiwan, Pakistan
Amarendra Sharma and Cassondra Bruce, “The Relationship between Energy and U.S. Gross
Domestic Product: A Multivariate Vector Error-Correction Model,” The Journal of Energy and
Development, volume 38, number 1 (autumn 2012, copyright 2013), pp. 45–64.
http://www.scribd.com/doc/127076376/
Abstract:
This paper studies the relationship between energy consumption and real gross domestic product
(GDP) in the United States. Unlike most of the previous studies on this issue, we employ a multivariate
vector error-correction model (VECM) to establish causality. Using Johansen’s multivariate cointegration
procedure we find that the variables are cointegrated. The multivariate vector error-correction model
suggests that there is a uni-directional causality running from real GDP to total energy and fossil fuel
consumption, implying a change in GDP drives the energy consumption, and not the other way around.
This study provides vital information to the policy makers who design policies to conserve energy and
promote economic growth.
Keywords: energy, U.S. gross domestic product (GDP), vector error-correction model (VECM), causality
Mohamed Ben Amar, “Energy Consumption and Economic Growth: The Case of African
Countries,” The Journal of Energy and Development, volume 38, number 1 (autumn 2012, copyright
2013), pp. 65–78.
http://www.scribd.com/doc/202977986/
Abstract:
The objective of this paper consists of analyzing sustained economic growth in African countries and
the role of energy consumption. We have three main results that were generated from this work. First,
we explain how energy consumption can achieve strong economic growth in African nations. Second, we
show energy consumption as a factor of growth in a model of endogenous growth. Finally, using a nonstationary panel model for a sample of 22 African countries covering the period 1980 through 2009, we
confirm the positive and statistically significant effect of energy consumption on economic growth. (The
22 African countries in this analysis are Algeria, Benin, Botswana, Cameron, Congo, Congo Democratic
Republic, Côte d’Ivoire, Egypt, Ethiopia, Gabon, Ghana, Kenya, Libya, Morocco, Mozambique, Senegal,
South Africa, Sudan, Tanzania, Togo, Tunisia, and Zambia.)
Keywords: energy consumption, endogenous growth, non-stationary panel data, panel causality, African
countries, Algeria, Benin, Botswana, Cameron, Congo, Congo Democratic Republic, Côte d’Ivoire,
Egypt, Ethiopia, Gabon, Ghana, Kenya, Libya, Morocco, Mozambique, Senegal, South Africa, Sudan,
Tanzania, Togo, Tunisia, Zambia
Talel Boufateh, Ahdi Noomen Ajmi, Ghassen El Montasser, and Fakhri Issaoui, “The Dynamic
Relationship between Energy Consumption and Income in Tunisia: A Structural Approach,” The
Journal of Energy and Development, volume 38, number 1 (autumn 2012, copyright 2013), pp. 79–
105. http://www.scribd.com/doc/202979921/
Abstracts from The Journal of Energy and Development

Abstract:
This study examines the short-term and long-term dynamics linking energy consumption to gross
domestic product (GDP) using a structural vector error-correction model during the period 1971–2009.
Also, a comparative study relative to the United States and Sweden is performed. The results offer two
conclusions. First, according to the cyclical component of the model, it appears that developed countries
are better able to cope with a transitory shock and alternatives to productivity gains than a smaller country
such as Tunisia, where the productive system is directly penalized in the aftermath of a shock. Second, we
conclude from the trend component that developed countries have the willingness to substitute existing
energy sources with alternative and renewable energy resources for electricity generation while Tunisia is
dependent on its current sources for its electricity.
Keywords: energy consumption, gross domestic product (GDP), structural vector error-correction (SVEC)
models, Tunisia
Ahmed Hammadache, “Modeling Oil Prices: A Vector Error-Correction Model Analysis,” The
Journal of Energy and Development, volume 38, number 1 (autumn 2012, copyright 2013), pp. 107–
131.
http://www.scribd.com/doc/203147277/
Abstract:
The aim of this study is to identify the factors that influence oil price dynamics. Analysis by
cointegration enables us to make a distinction between short-term and long-term dynamics and between
the variables of the model—both physical (real) and financial—that are considered as endogenous. A first
vector error-correction model (VECM) allows for the identification of a cointegration relationship
between real oil prices and factors that affect its movement over time: supply, demand, value of the U.S.
dollar, stocks, and exploration. A second VECM, with the introduction of variant futures prices with a
maturity of two, three, and four months, is supposed to capture the effect of speculation upon the
dynamics of oil prices and to show which variables (supply, demand, speculation, etc.,) are more
influential in determining the evolution of oil prices.
The results of our study show a weak correlation between supply/demand and the real price of oil in
the short term. Yet, over the longer term, the real price of oil appears to be determined predominantly by
supply and demand fundamentals. The introduction of prices in the futures market shows that speculation
affects the real price of oil, but not more than the supply and the demand variables. However,
specifications including longer-term maturities (four months or more) influence real prices more than the
short-term maturities (two and three months).
Keywords: oil prices, cointegration, speculation, futures prices, vector error-correction (VECM) models

Abstracts from The Journal of Energy and Development

The Journal of Energy and Development
volume 37, number 2, spring 2012 (copyright 2012)
http://www.scribd.com/doc/122596586/
Eunju Min, Yanping Zhang, Hyun-Goo Kim, and Suduk Kim, “Can China, Korea, and Japan,
Avoid the Controversy Over Nuclear Power?” The Journal of Energy and Development, volume 37,
no. 2 (spring 2012, copyright 2012), pp. 143–178.
http://www.scribd.com/doc/109969771
Abstract:
Given the importance of nuclear power in the Northeast Asian countries of Korea, Japan, and China,
especially in the aftermath of the Fukushima accident, the controversy over the future use of nuclear
power in these nations is examined with a focus on China’s nuclear power development plans. A detailed
survey conducted on China’s proposed nuclear power deployment found it amounts to almost 284
gigawatts in size, much greater than the 223 gigawatts reported by the World Nuclear Association in
2011. In this paper, the planned nuclear power plants’ sites in China are examined in conjunction with
their location relative to seismic zones and Northeast Asian regional wind fields. The siting of China’s
proposed nuclear power plants in potentially active seismic areas, regional wind fields, and the massive
size of the program are all contributing factors that are expected to raise serious safety-related concerns
for neighboring countries such as Korea and Japan. Therefore, the need for the institutionalization of a
sophisticated legal framework in order to secure the safety of nuclear energy in this region is discussed.
The authors recommend a “Northeast Asian Nuclear Council,” which would be similar to “EURATOM”
in Europe, with its initial aim of enhancing mutual cooperation and with the additional goal of promoting
the safe use of nuclear power in the future.
Keywords: China nuclear energy, Korea nuclear energy, Japan nuclear energy, Northeast Asian countries,
energy mix, inland nuclear power, wind field & direction, earthquakes, EURATOM
Melike E. Bildirici, “The Relationship Between Economic Growth and Electricity Consumption in
Africa: MS-VAR and MS-Granger Causality Analysis,” The Journal of Energy and Development,
volume 37, no. 2 (spring 2012, copyright 2012), pp. 179–205.
http://www.scribd.com/doc/118439920/
Abstract:
Knowledge of the direction of the causality between electricity consumption and economic growth is
of primary importance if appropriate energy policies and energy conservation measures are to be devised.
This study estimates the causality relationship between electricity consumption and economic growth by
Markov Switching Vector Auto Regression (MS-VAR) and Markov Switching Granger Causality (MSGranger) methods for nine African countries: Algeria, Egypt, Morocco, Nigeria, South Africa, Sudan,
Togo, Tunisia, and Zimbabwe. For all countries, electricity consumption is the Granger cause of the
economic growth. According to the second equation, economic growth appears to be the Granger cause
of electricity consumption in the three economic regimes we studied (recessionary, moderate growth, and
high growth). In summation, some evidence was found of bi-directional Granger causality between
electricity consumption and economic growth for the countries we analyzed.

Abstracts from The Journal of Energy and Development

Keywords: electricity consumption and GDP causality, Markov Switching Vector Auto Regression (MSVAR), Markov Switching Granger Causality (MS-Granger), African economies, Algeria, Egypt,
Morocco, Nigeria, South Africa, Sudan, Togo, Tunisia, Zimbabwe
Mohamed El Hédi Arouri, Adel Ben Youssef, Hatem M’Henni, & Christophe Rault, “Empirical
Analysis of the EKC Hypothesis for Sulfur Dioxide Emissions in Selected Middle East and North
African Countries,” The Journal of Energy and Development, volume 37, no. 2 (spring 2012,
copyright 2012), pp. 207–226.
http://www.scribd.com/doc/112111360/
Abstract:
Studying the impact of economic growth on the environment in the context of developing countries has
become of increasing economic importance in recent years. Alarming international reports show that
pollutants emissions are growing at their highest level ever. This paper implements recent bootstrap panel
unit root tests and cointegration techniques to investigate the relationship between sulfur dioxide
emissions and real gross domestic product for 12 Middle East and North African countries over the period
1981–2005. Our investigations lead to the result that no evidence is found for the Environmental Kuznets
Curve (EKC) hypothesis for 10 countries of the region. However, the EKC hypothesis is valid in the case
of Egypt and Tunisia—the two most industrialised and diversified economies in our sample. At the same
time, our findings show that EKC is not valid for the region when considered as a whole.
Keywords: Environmental Kuznets Curve (EKC), sulfur dioxide (SO2) emissions, economic growth,
panel data, Middle East and North Africa (MENA) countries
Said A. Al-Shaikh and Lama S. Kiyasseh, “Alternative Power-Sector Financing to Meet Saudi
Arabia’s Economic Development,” The Journal of Energy and Development, volume 37, number 2
(spring 2012, copyright 2012), pp. 227–258.
http://www.scribd.com/doc/122686652/
Abstract:
The power sector’s role within the Kingdom of Saudi Arabia’s socio-economic development is
significant as the country diversifies its economy away from its dependency on oil. The sector aims to
strengthen the economy’s industrial base and expand its infrastructure in order to accommodate the
demands of its growing population. State-controlled power utility company, Saudi Electricity Company
(SEC), since its consolidation in 2000, has been active in extending electrification to all parts of the
Kingdom. Through off-take agreements with the Saline Water Conversion Company's (SWCC)
desalination plants, and purchased power from large contributors like Saudi Aramco, both the power and
water infrastructure has largely developed over the past decade. This article examines the power sector’s
role within the Kingdom and the challenges it faces in increasing generation capacity over the coming
years to sustain the Kingdom’s level of economic development. Artificially low tariffs in a highly
regulated sector have led to the wasteful use of electricity causing power shortages and
blackouts. Accordingly, sizeable funding needs have emerged as a central issue, which are addressed in
this paper. To overcome this challenge, the Kingdom is encouraging more private sector participation
investments vis-à-vis independent power/water/steam producers (IPPs, IWPPs, and IWSPPs) and
financiers.

Abstracts from The Journal of Energy and Development

Keywords: power sector in Saudi Arabia, independent power/water/steam producers (IPPs, IWPPs, and
IWSPPs), Saudi Electricity Company
Michael Diamond, “If Not Now, When? Addressing Oil Shale’s Contribution to Climate Change in
the Midst of the U.S. Production Boom,” The Journal of Energy and Development, volume 37,
number 2 (spring 2012, copyright 2012), pp. 259–288.
http://www.scribd.com/doc/122687269
Abstract:
Oil shale is an unconventional liquid fuel source that has not yet been commercially produced in the
U.S., but of which the U.S. possess an enormous resource base. Pursuant to the National Environmental
Policy Act (NEPA), the federal Bureau of Land Management has analyzed the environmental effects of
its opening of public lands in Colorado, Wyoming, and Utah for application for lease for production of oil
shale. Given oil shale production’s high carbon-intensity relative to production of other liquid fuels, the
size of the domestic resource base, and policy makers’ aims to achieve large-scale commercial production
in the near future, its potential contribution to climate change is a major issue. This article discusses the
NEPA analyses’ shortcomings regarding climate change, and draws broader conclusions.
Keywords: oil shale, climate change, National Environmental Policy Act, NEPA, energy development,
unconventional fuels, environment, mitigation
Mary Sabina Peters and Manu Kumar, “An Insight into Production-Sharing Agreements: How
They Prevent States from Achieving Maximum Control over Their Hydrocarbon Resources,” The
Journal of Energy and Development, volume 37, no. 2 (spring 2012, copyright 2012), pp. 289–295.
http://www.scribd.com/doc/117693030/
Abstract:
The economic and strategic importance of hydrocarbon resources has led countries to establish their
domestic petroleum production and as such, many states are compelled to turn to foreign oil companies
for the exploration and exploitation of their petroleum resources. Open to the states are various options of
oil policies, however, some states opt for production-sharing agreements (PSAs) as the vehicle for the
development of their oil and natural gas resources. This is because PSAs provide for state sovereignty and
control over the country’s natural resources with an opportunity of transfer of technology and training of
the state personnel by foreign oil companies who also bear the development and financial risk. However,
in reality, while the states have ownership over their hydrocarbon resources, the control of the resources is
with the foreign oil companies.
Keywords: production-sharing agreements (PSAs), state policy and hydrocarbon development, foreign oil
companies/international oil companies

Abstracts from The Journal of Energy and Development

The Journal of Energy and Development
volume 37, number 1, autumn 2011 (copyright 2012)
http://www.scribd.com/doc/122595275/
Benjamin K. Sovacool, “Policy Lessons from Ten Renewable Energy Access Programs in
Developing Asia,” The Journal of Energy and Development, volume 37, number 1 (autumn 2011,
copyright 2012), pp. 1–44.
http://www.scribd.com/doc/122598305/
Abstract:
Based on 441 research interviews over the course of four years, site visits to 90 renewable energy
facilities, and focus groups with almost 800 community members in 10 countries, this study develops 12
overarching lessons and 42 qualitative factors that correlate with successful energy access programs.
Through an in-depth exploration of 10 case studies, the article highlights the applicability of different
approaches and technologies and illuminates how household and commercial innovations occur (or fail to
occur) within particular energy development programs. It also, uniquely, explores successful case studies
alongside failures or “worst practice” examples that are often just as revealing as those that met their
targets.
Keywords: energy poverty, energy development, renewable energy, developing Asia, Bangladesh, China,
Laos, Mongolia, Nepal, Sri Lanka, India, Indonesia, Malaysia, Papua New Guinea
Mehdi Sadeghi, “Analysis of Distorted Energy Prices in Iran,” The Journal of Energy and
Development, volume 37, no. 1 (autumn 2011, copyright 2012), pp. 45–52.
http://www.scribd.com/doc/118337180/
Abstract:
The energy sector in Iran is facing a critical situation at the present time. One of the most important
issues is energy price distortions and inappropriate pricing mechanisms. At the moment, the overall
energy consumption in Iran is estimated more than U.S. $18 billion. In 2002, the gasoline import expense
reached U.S. $1 billion and, by the end of 2009, it had exceeded U.S. $3 billion in order to fulfill total
gasoline demand. The forecasts indicate that energy-related environmental emissions will be the most
serious problem challenging the energy sector by the year 2020. The interesting point is that about 70
percent of these emissions are the result of energy consumption in the transportation sector. Our results,
based on a cointegration approach, indicate that energy price distortion removal—in fact, subsidization
removal—cannot play an effective role in energy conservation in Iran. This energy pricing policy should
have embodied adjustment mechanism in order to cover the national economy. The public expenditures
modifications associated with income distribution priorities also should be considered.
Keywords: energy price distortions, energy subsidies, Engle-Granger causality, government expenditure,
income distribution, Iran

Abstracts from The Journal of Energy and Development

Kyriaki Noussia and Markela Stamati, “On Damages and Other Substantive and Procedural Issues
in International Energy Industry and Investment-Related Arbitrations,” The Journal of Energy and
Development, volume 37, number 1 (autumn 2011, copyright 2012), pp. 53–85.
http://www.scribd.com/doc/122638501/
Abstract:
International energy infrastructure trade and investment have grown rapidly over the last decades,
especially in emerging markets, which since the mid-1990s, have been subjected to substantial changes in
energy policies and regulations, energy market conditions, and commodity prices. Those changes, in
turn, have engendered a wide range of disputes related to expropriations, investment impairment, changes
in energy and investment law/regulation, and contract breach and termination. Critical legal foundations
for many investments, financing, and commercial agreements are contractual clauses related to binding
international arbitration and dispute resolution procedures and/or bilateral investment treaties between an
investment project’s host government and the home country of the international investor. Crucial to all of
the above is also the issue of the award of damages. In examining some salient issues regarding
substantive and procedural aspects of energy disputes, we evaluate the question of the award of damages,
perform a critical discussion, and draw overall conclusions.
Keywords: International energy infrastructure, energy investment arbitration, energy, investment, oil and
gas arbitration, award of damages
Dianah Mukwate Ngui, Wilson Wasike, and John Mutua, “Energy Planning Models: A Survey with
Future Directions for Kenya’s Energy Planning,” The Journal of Energy and Development, volume
37, no. 2 (spring 2012, copyright 2012), pp. 87–114.
http://www.scribd.com/doc/122683770/
Abstract:
This article was intended to provide information for developing and operationalizing the most suited
energy planning model for Kenya. Various energy planning models were reviewed, and general features
of the models identified in addition to the advantages and disadvantages of the various models. In
conclusion, energy planning for Kenya can be best supported by a modular package of models, which
should include models for assessing energy demand, supply, impacts, and a model for developing a series
of relationships that provide a direct link between the energy model and the KIPPRA-Treasury
macroeconomic model (KTMM) model.
Keywords: energy in Kenya, energy planning, energy planning models, integrated model, model
classification, modular package models, energy sector, energy demand, energy supply
Rania Ben Hamida, Amina Feki, and Sami Hammami, “Energy, Polluting Emissions, and
Economic Development in Tunisia,” The Journal of Energy and Development, volume 37, number 1
(autumn 2011, copyright 2012), pp. 115–128.
http://www.scribd.com/doc/118338793/
Abstract:
In this paper, we examine the dynamic relationship among carbon dioxide emissions, energy
consumption, and per-capita gross domestic product in Tunisia for the period between 1974 and 2005
using Engle and Granger’s cointegration. The empirical results show that the relationship between
Abstracts from The Journal of Energy and Development

Tunisia’s economic development and environmental quality are not in line with the Environmental
Kuznets Curve (EKC) hypothesis; rather, it is a matter of a monotone increasing relationship where
polluting emissions go hand-in-hand with the country’s economic development and reflects inefficiency
in energy usage.
Keywords: energy, economic development, Environmental Kuznets Curve, EKC-hypothesis, emissions,
carbon dioxide, environment, GDP, Tunisia, Engle and Granger cointegration, empirical modelling
Khalid H. A. Alqudair, “Causal Relationship between Energy Consumption and Economic Growth
in the Kingdom of Saudi Arabia,” The Journal of Energy and Development, volume 37, number 1
(autumn 2011, copyright 2012), pp. 129–142.
http://www.scribd.com/doc/122685363/
Abstract:
The study examines the long-run equilibrium relationship between energy consumption and economic
growth in the Kingdom of Saudi Arabia (1970–2008), using a cointegration technique and the direction of
causality relationship for both the long and short run with the vector error correction model (VECM). The
cointegration test indicates the existence of a long-run equilibrium relationship between energy
consumption and economic growth. The causality test indicates that there is a uni-directional causal
relationship that runs from economic growth to energy consumption in the long run and not vice versa. In
addition, the causality test indicates the absence of short-run causality between energy consumption and
economic growth. Overall, it may be concluded that the results provide support to the conservation
hypothesis that entails a positive causality running from economic growth to energy consumption in the
long run only.
Keywords: economic growth, energy consumption, conservation hypothesis, energy policy, cointegration,
causality, Saudi Arabia
The Journal of Energy and Development
volume 36, number 2, spring 2011 (copyright 2012)
http://www.scribd.com/doc/115706316/The-Journal-of-Energy-and-Development-vol-36-no-2-copyright2012
Mohamed Nagy Eltony and Mohammed A. Al-Awadi, “Kuwait Energy Demand Model for
Forecasting and Planning – Revisited,” The Journal of Energy and Development, volume 36, no. 2
(spring 2011, copyright 2012), pp. 135–163.
http://www.scribd.com/doc/115691964/%E2%80%9CKuwait-Energy-Demand-Model-for-Forecastingand-Planning-%E2%80%93-Revisited-%E2%80%9D-by-Mohamed-Nagy-Eltony-and-Mohammed-A-AlAwadi
Abstract:
This paper contains a discussion of the Kuwait energy demand model and how the original model,
which was built in 1997, was upgraded in 2006, along with its simulation under various scenarios for the
2005-2015 time period. As domestic energy demand surges upwards in Kuwait, there are increasing
economic ramifications as less energy is available for export to world markets. This research examines
the growth of Kuwaiti energy demand in the residential, commercial, public, and industrial sectors. The
scenarios examined include a base-line, moderate, extreme, and the complete removal of subsidies;
additionally, the effects on demand are presented along with the policy implications. Under the
Abstracts from The Journal of Energy and Development

assumption of the base-line scenario, there will be no incentives for energy consumers to conserve and
aggregate demand is expected to grow at about 2.2 percent annually. The moderate scenario projects a
compound annual growth in aggregate domestic energy consumption of about 1.02 percent annually
throughout the forecast period due to increasing energy prices, which were effective in slowing down the
domestic demand growth. The aim of the extreme scenario is to examine the response by various sectors
to a deliberate shock in energy prices, which results in a projected compound annual growth rate for the
aggregate energy usage of about 0.91 percent. Finally, the removal of energy subsidies results in a severe
slowing in the growth rate of total domestic energy consumption.
Keywords: Kuwait energy demand, energy forecasting and simulation, fuel substitutions, energy subsidies
Sadek Melhem, Michel Terraza, and Mohamed Chikhi, “Cyclical Mackey-Glass Model for Oil Bull
Seasonals,” The Journal of Energy and Development, volume 36, no. 2 (spring 2011, copyright 2012),
pp. 165-178.
http://www.scribd.com/doc/115696404/%E2%80%9CCyclical-Mackey-Glass-Model-for-Oil-BullSeasonals-%E2%80%9D-by-Sadek-Melhem-Michel-Terraza-and-Mohamed-Chikhi
Abstract:
The article proposes an innovative way to model oil “bull seasonals” that addresses cyclical
speculation patterns in the oil markets. Since oil prices are affected by marked seasonal behavior during
two periods of the year (summer and winter), a modification of the Mackey-Glass equation is proposed to
capture this effect. Based on monthly data for West Texas intermediate (WTI) oil prices, the Seasonal
Cyclical Mackey-Glass estimates indicate that seasonal interactions between heterogeneous speculators
with different expectations may be responsible for pronounced swings in prices over both periods.
Moreover, the periodic frequency  / 3 (referring to a period of 6 months) appears to be persistent over
time.
Keywords: oil bull seasonal, seasonal speculations, heterogeneous agents model, Seasonal Cyclical
Mackey-Glass models
Nourah AlYousef and Mohammed A. Aljarrah, “The Demand for Oil Products in Saudi Arabia,”
The Journal of Energy and Development, volume 36, no. 1 (spring 2011, copyright 2012), pp. 179196.
http://www.scribd.com/doc/115696781/%E2%80%9CThe-Demand-for-Oil-Products-in-Saudi-Arabia%E2%80%9D-by-Nourah-AlYousef-and-Mohammed-A-Aljarrah
Abstract:
In oil-exporting countries, such as Saudi Arabia, the consumption of petroleum products has
implications for the value of exports. Because Saudi Arabia’s revenue depends on those exports, the
share of oil exports declines as the domestic consumption of petroleum products increases. Gasoline,
kerosine, diesel, and fuel oil are Saudi Arabia’s prime petroleum products, constituting 21 percent, 3
percent, 11.6 percent, and 33.45 percent, respectively, of all oil products in 2010. The demand function is
estimated using the autoregressive distributed lag (ARDL) approach, also known as a “bounds testing”
procedure. It is found that a long-run relationship exists for gasoline, kerosine, and diesel but not for fuel
oil. The results of the analysis show that demand for gasoline, kerosine, and diesel are likely to increase
significantly for a given increase in the gross domestic product. However, they are relatively inelastic to
price changes in the long and short run. The error correction model shows that gasoline, kerosine, and
Abstracts from The Journal of Energy and Development

diesel demand adjust to their long-run equilibrium at a relatively moderate rate. Finally, the ARDL model
is used to forecast petroleum product consumption for the years 2011 to 2016.
Keywords: demand for oil products, Saudi Arabia, gasoline, forecasting, ARDL(Autoregressive
Distributed Lag)
Mehdi Sadeghi, Alimorad Sharifi, and Masoumeh Torki, “Social Cost Analysis for Electricity
Generation Based on Sulfur Dioxide Emissions: Empirical Evidence from Iran,” The Journal of
Energy and Development, volume 36, no. 2 (spring 2011, copyright 2012), pp. 197–218.
http://www.scribd.com/doc/115698831/%E2%80%9CSocial-Cost-Analysis-for-Electricity-GenerationBased-on-Sulfur-Dioxide-Emissions-Empirical-Evidence-from-Iran-%E2%80%9D-by-Mehdi-SadeghiAlimorad-Sharifi
Abstract:
Many studies during the past 20 years have shown that air pollution causes serious damage to human
health and the environment. The greenhouse effect and climate change have significant consequences in
society. The electricity generated from fossil fuels contributes a considerable share to these
environmental negative externalities. In this paper, we investigate the damaging impacts on human health
resulting from an Iranian thermal power plant. Existing data on the relationship between human health
degradation and ground concentrations of the analyzed pollutants have been used. Our findings indicate
that the external cost of sulfur dioxide emissions is not negligible and should lead the energy authorities
to consider emissions taxation.
Keywords: electricity generation, external costs, Shahid Rajaee Power Plant, greenhouse gases, global
warming, Iran, sulfur dioxide emissions
George Baker, “The Political Science of Industrial Safety: Have the Deeper Lessons of the
Deepwater Horizon Been Learned?” The Journal of Energy and Development, volume 36, no. 2
(spring 2011, copyright 2012), pp. 219–225
http://www.scribd.com/doc/112111810/%E2%80%9CThe-Political-Science-of-Industrial-Safety-Havethe-Deeper-Lessons-of-Deepwater-Horizon-Been-Learned-%E2%80%9D-by-George-Baker
Abstract:
This article examines what went wrong in the safety culture on the Deepwater Horizon offshore oil rig
accident at the Macondo well in the Gulf of Mexico and what lessons we can learn regarding industrial
safety. The author provides a description of the safety audit that took place prior to the accident and then
asks, what constitutes a “safety culture?” The differences between industrial safety and occupational
safety are outlined. The discussion that follows seeks to abstract from the facts and lessons of the
Deepwater Horizon accident in order to gain a higher level overview. The goal is to glimpse the possible
shape of a new paradigm of accountability in relation to accident prevention and liability that will apply
to industrial infrastructure in general, and not just to offshore facilities in the oil industry.
Keywords: industrial safety, Deepwater Horizon, Gulf of Mexico, Macondo, Pemex

Abstracts from The Journal of Energy and Development

Burcu Kiran, “New Evidence of the Linkage between Energy Consumption and Economic Growth
in the United States,” The Journal of Energy and Development, volume 36, no. 2 (spring 2011,
copyright 2012), pp. 227–241.
http://www.scribd.com/doc/115699563/%E2%80%9CNew-Evidence-of-the-Linkage-between-EnergyConsumption-and-Economic-Growth-in-the-United-States-%E2%80%9D-by-Burcu-Kiran
Abstract:
In this paper, using annual data over the period from 1949 through 2009, we investigate the linkage
between energy consumption by resource (coal, renewable energy, electricity, natural gas) and economic
growth in the United States within a fractional cointegration approach. The obtained results indicate that
the only evidence of fractional cointegration is found between coal consumption and economic growth of
the United States.
Keywords: energy, energy consumption, energy resources, coal, renewable energy, electricity, natural
gas, economic growth, fractional cointegration, United States
Chin Wen Cheong, “Long-Memory Dynamic Power Volatility and Market Risk Evaluation of
Brent Crude Oil Markets,” The Journal of Energy and Development, volume 36, no. 2 (spring 2011,
copyright 2012), pp. 243–272.
http://www.scribd.com/doc/115699927/%E2%80%9CLong-Memory-Dynamic-Power-Volatility-andMarket-Risk-Evaluation-of-Brent-Crude-Oil-Markets-%E2%80%9D-by-Chin-Wen-Cheong
Abstract:
This study investigates the long memory time-varying volatility representations, which switched from
the Taylor’s (conditional standard deviation) to that of Ding et al. (power of conditional standard
deviation), and lastly to the Bollerslev’s (conditional variance) specifications in Brent’s crude oil market.
In addition to the dynamic volatility analysis, we also have included the heavy-tailed, leverage effect, and
long-memory properties in the time-varying volatility modeling under Chung’s specification. The
empirical results suggested that the intensity of the impact of news in the Brent market has a fading
tendency when switched from Taylor’s specification toward Bollerslev’s specification. Surprisingly, the
volatility persistence is consistent regardless of the types of model specifications, which is contradictory
to most of the global stock and foreign exchange markets where the persistence intensity is more toward
the unity power of Taylor’s specification. For model adequacy evaluations, the heavy-tailed, longmemory, and endogenously estimated power transformation models indicated superior performance in
out-of-sample forecasts. Finally, these findings are applied further in the long and short trading positions
of market risk evaluations of the Brent market.
Keywords: dynamic volatility, long memory, crude oil market, market risk, ARCH model

The Journal of Energy and Development
volume 36, number 1, autumn 2010 (copyright 2012)
http://www.scribd.com/doc/115681968/Journal-of-Energy-and-Development-vol-36-no-1-copyright-2012
Anthony L. D’Agostino and Benjamin K. Sovacool, “Unsold Solar: A Post-Mortem of Papua New
Guinea’s Teacher’s Solar Lighting Project,” The Journal of Energy and Development, volume 36,
no. 1 (autumn 2010, copyright 2012), pp. 1–21.
Abstracts from The Journal of Energy and Development

http://www.scribd.com/doc/79020630
Abstract:
Papua New Guinea’s electrification rate positions the country among the lowest in the world. Given its
overall low population density, household income levels, and geophysical barriers, energy access is
unlikely to be greatly expanded through grid extension in the near future. Renewable energy technologies
present an alternative solution and have been promoted through various donor-driven efforts in recent
years. One such example is the World Bank-assisted Teachers Solar Lighting Project, scheduled for
implementation from 2005-2010, which aimed to sell 2,500 solar home lighting kits to out-posted school
teachers while also supporting the growth of local, renewable energy industries. The project was
terminated before its target end-date and only one solar kit was sold. To understand this apparent failure,
we review the project by drawing from in-country fieldwork conducted in March 2010 and semistructured research interviews held with representatives from the implementing agencies, relevant public
and private sector bodies, and school teachers targeted for participation. In addition to the traditional
techno-economic barriers that impeded diffusion of renewable energy, we posit that social and cultural
factors were also significant barriers. Features like the country’s wantok system, Papua New Guinea’s
recent entrance into the cash economy, low financial literacy levels, and real concerns about equipment
theft and vandalism provide additional explanatory power over the revealed disinterest in household solar
power.
Keywords: Asia Pacific, energy security, Papua New Guinea, renewable energy, solar energy, World
Bank
Mohamed Nagy Eltony, “Banking and Financial Sector Development: A Case Study of Kuwait,”
The Journal of Energy and Development, volume 36, no. 1 (autumn 2010, copyright 2012), pp. 23–
34.
http://www.scribd.com/doc/115609283/%E2%80%9CBanking-and-Financial-Sector-Development-ACase-Study-of-Kuwait-%E2%80%9D-by-Mohamed-Nagy-Eltony
Abstract:
The aim of this paper is to assess the operational efficiency of the commercial banks in Kuwait from
2000 to 2005 in order to anticipate their ability to compete with foreign banks in the future. The study
provides estimates of the technical efficiency of Kuwaiti banks by analyzing how well they use physical
capital, labor, and financial resources to generate earnings. A stochastic cost frontier approach is used to
estimate technical efficiency of Kuwaiti banks. Using earnings as output and fixed assets, labor, and
financial capital as inputs, the study has found that banks produce earnings at constant returns to scale and
hence have less to gain from increasing scale of production through merging with other banks than from
reducing their technical inefficiency. Except for the largest two banks, National Bank of Kuwait and Gulf
Bank, as well as Bank Burgan, there is room for improving the technical efficiency of the rest of the
institutions. Furthermore, when accounting for the differences in technical inefficiency between banks,
the adopted measure of inefficiency has been linked to some relevant variables. The results show that
larger bank size, higher share of equity in capital, and greater profitability are associated with better
efficiency. The results emphasis the need to increase technical efficiency by all the banks in order to
better meet the challenge of increased competitive pressure.
Keywords: X-efficiency, Kuwaiti banks, financial development, stochastic cost frontier approach

Abstracts from The Journal of Energy and Development

Henry Thompson, “Economic Growth with a Nonrenewable Energy Resource,” The Journal of
Energy and Development, volume 36, no. 1 (autumn 2010, copyright 2012), pp. 35–43.
http://www.scribd.com/doc/115610577/%E2%80%9CEconomic-Growth-with-a-Nonrenewable-EnergyResource-%E2%80%9D-by-Henry-Thompson
Abstract:
This paper adds a nonrenewable energy resource to capital and labor in the neoclassical growth model.
The nonrenewable resource introduces its depletion dynamics and expands the influence of input
substitution along the growth path. Optimal depletion implies a rising resource price but investment or
labor growth may raise resource extraction along the growth curve. Substitution between inputs plays the
critical role in model dynamics. The paper develops the conditions for intergenerational equity, the
tragedy of the commons, and a myopic resource owner.
Keywords: economic growth, nonrenewable resource, depletion
Mohammed A. Al-Sahlawi, “Oil Price and the U.S. Dollar: A Survey of the Empirical Relationship
Estimates and Alternative Oil-Pricing Currencies,” The Journal of Energy and Development,
volume 36, no. 1 (autumn 2010, copyright 2012), pp. 45–62.
http://www.scribd.com/doc/115673731/%E2%80%9COil-Price-and-the-U-S-Dollar-A-Survey-of-theEmpirical-Relationship-Estimates-and-Alternative-Oil-Pricing-Currencies-by-Mohammed-A-Al-Sahlawi
Abstract:
The vast research interest in testing for the existence of a co-integrating relationship between oil price
and the U.S. dollar exchange rate demonstrates the need for a thorough survey. The purpose of this paper
is to review the most available empirical relationship estimates. The survey shows different results with
respect to the estimates and the causality direction. These variations are due to differing functional forms,
estimation periods, data sources, and estimation methods. One major implication of the oil price and
dollar relationship is oil-pricing currency. Numerous alternative oil-pricing currencies are surveyed and
the U.S. dollar is found to be the most practical.
Keywords: oil price, U.S. dollar exchange rate, oil pricing, oil-pricing alternative currencies
Nourah AlYousef, “The Prominent Role of Saudi Arabia in the Oil Market from 1997 to 2011,” The
Journal of Energy and Development, volume 36, no. 1 (autumn 2010, copyright 2012), pp. 63–84.
http://www.scribd.com/doc/115674701/%E2%80%9CThe-Prominent-Role-of-Saudi-Arabia-in-the-OilMarket-from-1997-to-2011-%E2%80%9D-by-Nourah-AlYousef
Abstract:
With the world’s largest crude oil production capacity, Saudi Arabia can increase its oil output during
both demand surges and supply shocks. Oil is critical to the Saudi Arabian economy. Hence, to preserve
the importance of oil in the global energy mix, Saudi Arabia attempted to moderate the price of oil and
thereby continue the growth of demand. Because the spare capacity of the Organization of Petroleum
Exporting Counties (OPEC) declined and non-OPEC supply experienced low growth throughout the
1990s, Saudi Arabia has more control of the oil market. This paper attempts to analyze the role of Saudi
Arabia in the oil market by considering the swing producer model for the period from 1997-2010. Using
the bounds testing approach to co-integration within the autoregressive distributed lag (ARDL)
framework allows us to utilize a mixture of variables that are integrated to different degrees. The
Abstracts from The Journal of Energy and Development

resulting analysis shows that Saudi Arabia acted as a swing producer in the global oil market from
January 1997 to December 2010.
Keywords: Saudi Arabia, swing producer, oil market, autoregressive distributed lag (ARDL), cointegration, price of oil, oil supply, oil policy, OPEC, producer model
Hodjat Ghadimi, “Global Impact of Energy Use in Major Oil Economies: A Modeling
Framework,” The Journal of Energy and Development, volume 36, no. 1 (autumn 2010, copyright
2012), pp. 85–97.
http://www.scribd.com/doc/115675164/%E2%80%9CGlobal-Impact-of-Energy-Use-in-Major-OilEconomies-A-Modeling-Framework-%E2%80%9D-by-Hodjat-Ghadimi
Abstract:
There is an extensive body of literature on the security of supplies and flow of energy from the major
oil economies clustered in the Middle East, but much less attention has been paid to these countries as
consumers of energy. These economies have among the world’s highest per-capita energy consumption,
and energy intensity has been rising only in this region. With growing economic interdependence, the
energy consumption in these economies has significant global implications. To explore choices of
improving energy efficiency in energy-rich countries of the Middle East, this study outlines an integrated
modeling framework for analyzing the technology-energy-environment-economy chain in these
economies. This framework consists of an input-output process-flow model and an optimal depletion
computable general equilibrium (CGE) model. The main focus of this paper is to describe the theoretical
structure of the class of CGE model proposed for this modeling framework.
Keywords: oil economies, energy-environment-economy interactions, energy intensity, Middle East,
input-output modeling, computable general equilibrium (CGE) models, optimal depletion, development
planning, energy consumption
Ernesto Ferro, “The Dragon’s Approach: The Future of Chinese Investments in the South
American Region,” The Journal of Energy and Development, volume 36, no. 1 (autumn 2010,
copyright 2012), pp. 99–133.
http://www.scribd.com/doc/112111628/%E2%80%9CThe-Dragon%E2%80%99s-Approach-The-Futureof-Chinese-Investments-in-the-South-American-Region-%E2%80%9D-by-Ernesto-Ferro

Abstract:
This article studies two aspects of the economic relationship between China and South American
countries—bilateral trade and foreign direct investment (FDI)—with particular focus on the 2000-2010
time period. We offer an overview of the growth of China’s economy and how it is affecting the
commodity and energy trade flows and investments in South America. Additionally, we explore how the
arrival of China to the global commodity sector affects the ability of South American countries to
compete in world markets, both in terms of exports and the ability to attract FDI, using studies conducted
on the issues that offer critical assessments. Moreover, we present a series of analyses that confirm and
deepen the conclusions offered in some of these earlier works. We find that there is an emerging
consensus in reference to China and the South American countries in terms of trade and investment flows;
China has accounted for a significant portion of the investment and export drive that the region has
experienced since 2000. However, even with South American exports to China reaching higher levels
Abstracts from The Journal of Energy and Development

than imports, with respect to global competitiveness these nations are significantly threatened by China’s
exports in local and international markets.
Keywords: Chinese investment in South America, foreign direct investment, bilateral trade, Argentina,
Bolivia, Brazil, Chile, Colombia, Ecuador, Venezuela, Peru, Paraguay, Guyana, French Guiana,
Suriname, Uruguay

Abstracts from The Journal of Energy and Development

The Journal of Energy and Development
volume 35, number 2, spring 2010
http://www.scribd.com/doc/104231588
Mohamed El Hédi Arouri, “The Impact of Oil Price Shocks on the European Stock Market (19982008): A Sector Analysis,” The Journal of Energy and Development, volume 35, no. 2, pp. 165-180.
http://www.scribd.com/doc/73944531
Abstract:
This article extends the understanding of oil–stock market relationships over the last turbulent decade.
Unlike previous empirical investigations, which have focused largely on broad market indices (national
and/or regional indices), we examine short-term linkages in the aggregate as well as sector by sector
levels in Europe using different econometric techniques. Our findings suggest that the reactions of stock
returns to oil price changes differ greatly depending on the activity sector.
Keywords: oil prices, short-term analysis, sector indices, oil price shocks, European stock markets
Mehdi Sadeghi and Mohammad Javad Sharifzadeh, “Inflationary Impacts of Energy Price
Adjustments in Iran: An Input-Output Approach,” The Journal of Energy and Development,
volume 35, no. 2, pp. 181-194.
http://www.scribd.com/doc/73941452
Abstract:
The considerable misalignment between domestic energy prices and their border counterparts has
caused several economic questions about the current energy pricing system in Iran. The opportunity cost
of domestic energy consumption is more than 10 percent of the Iranian Gross Domestic Product (GDP).
Thus the government planned to increase the prices of gasoline, gas oil and fuel oil to their border prices
during the 4th Development Plan (2005-2010) but the parliament rejected this proposal. The main goal of
this study is measuring the inflationary effects of increasing energy prices using Input-Output tables.
Contrary to most of the former studies that used wages as an exogenous variable, we will model it as an
endogenous variable. The conclusions drawn from this study demonstrate that increasing prices of
petroleum products, natural gas, and electricity simultaneously will lead the economy to experience
substantial inflation rates. It also showed that doubling only the prices of natural gas and electricity
creates more tolerable inflationary consequences. Remembering that about one-third of the opportunity
costs of domestic energy consumption are due to these energy carriers, reforming natural gas and
electricity prices should be a priority. In addition, the government must take a comprehensive approach
that includes non-pricing policies along with policies concerning prices.
Keywords: Iranian economy, energy prices, inflation, input-output analysis
Dawit Diriba Guta, “Energy Demand in Rural Ethiopia from a Household Perspective: A Panel
Data Analysis,” The Journal of Energy and Development, volume 35, no. 2, pp. 195-213.
http://www.scribd.com/doc/73853235
Abstract: This paper analyzes household energy demand using micro-household level panel data from
rural Ethiopia to contribute to the literature coherent evidence. Biomass fuels dominate in the household
Abstracts from The Journal of Energy and Development

energy mix in rural villages of Ethiopia. To investigate this issue, the study used the linear approximation
almost ideal demand system (LAAIDS) model with normalized prices to compute expenditure elasticity.
We found that demand is elastic for advanced fuel expenditures and inelastic for inferior fuel
expenditures. Moreover, for households in the survey, advanced fuels are luxury goods as expenditure
elasticity (
but traditional fuels are necessity goods (
) over the period 2000-2004. In
rural areas, however, a household’s fuel choice is constrained by lack of access to commercial fuels and
appliances, affordability, consumer preferences and multitude of other factors. Therefore, rural
households have less incentive for fuel switching due to aforementioned factors and existence of fuel
wood that can be gathered without any financial payment.
Keywords: energy demand, almost ideal demand system, expenditure elasticity, rural households,
Ethiopia
Melike E. Bildirici, Elçin Aykaç Alp, and Tahsin Bakiritas, “The Great Recession and the Effects of
Oil Price Shocks and the U.S. Recession: A Markov-Switching and TAR-VEC Analysis,” The
Journal of Energy and Development, volume 35, number 2, pp. 215-277.
www.scribd.com/doc/73855330
Abstract:
In this paper, we apply the Markov-switching autoregression model (MS-AR) and the Markovswitching vector autoregression model (MS-VAR) models to analyze the effects of the U.S. current
account deficits and U.S. gross domestic product (GDP) on the increase in oil prices, and the effects of
increases of oil price, the rise of the U.S. current account deficits, and the growth rate of the U.S. GDP on
the GDPs of Canada, the United Kingdom, Australia, Italy, and South Africa. We follow this with an
econometric analysis investigating the effects of the U.S. current account, U.S. GDP, and as an exogenous
variable of oil prices on the gross domestic product of Canada, the United Kingdom, Australia, and South
Africa through the use of the threshold vector error correction (TVEC) model.
Keywords: Oil Prices, American Recession, MS-AR, MS-VAR, TVEC
Samir Mabrouk, “Value-at-Risk and Expected Shortfall Estimations Based on GARCH-Type
Models: Evidence from Energy Commodities,” The Journal of Energy and Development, volume 35,
no. 2, pp. 279-314.
http://www.scribd.com/doc/73944019
Abstract:
In this article, we compute the one day ahead VaR and ES based on same GARCH-type models
including RiskMetrics, GARCH, FIGARCH, FIAPARCH, and HYGARCH models assuming three
alternative distribution innovations; normal, Student-t, and skewed Student-t distributions. Our empirical
study is focused on four major energy assets time series: WTI, Europe Brent, New York Harbor
conventional gasoline regular, and Los Angeles Gas covering in daily frequency the period (1989-2008).
The out-of-sample forecasting volatility was conducted for three time horizons; one, five, and fifteen
days-ahead. Results reveal that the FIAPARCH model with skewed Student-t distribution outperforms the
other models since it provides the best forecasts for one day ahead VaR and ES for both short and long
trading positions. This model is appropriated for considering tail fatness, asymmetry, and long-range
memory in energy assets volatilities.

Abstracts from The Journal of Energy and Development

Keywords: value-at-risk (VAR), expected shortfall, long memory, crude oil, forecasting, GARCH models
Kakali Mukhopadhyay, “Air Pollution and Household Income Distribution in India: Pre- and PostReform (1983-1984 to 2006-2007),” The Journal of Energy and Development, volume 35, no. 2, pp.
315-339.
http://www.scribd.com/doc/73941025
Abstract:
The environmental problems in India are growing rapidly. The increasing economic development and
a growing population are putting a strain on the environment, infrastructure, and the country’s natural
resources. The present study estimates the emissions relating to fossil fuel combustion in India and also
identifies the factors responsible for changes in emission during the pre-reform and reform periods (19831984 to 2006-2007). Results show that changes in final demand are the major factor which accentuated
the increase in the emission level. The study further differentiates the contribution of households by
different income groups in respect to fossil fuel-based pollution in India and its responsible factors. The
study finally concludes that higher and middle income groups are generating more pollution due to
excessive and inefficient ways of consuming commercial energy, while the lower income group is a
minor contributor.
Keywords: India, air pollution, income distribution, household, input-output analysis, structural
decomposition analysis (SDA)

The Journal of Energy and Development
Volume 35, number 1, autumn 2009
http://www.scribd.com/doc/104231276
Melike E. Bildirici, Elçin Aykaç Alp, and Tahsin Bakiritas, “The Great Recession of 2008 and Oil
Prices,” The Journal of Energy and Development, volume 35, number 1, pp. 1-31.
http://www.scribd.com/doc/52643528
Abstract:
In this paper, the historical dimensions and the theoretical structure of the 2008 great recession and
financial crisis are assessed. An econometric analysis is presented using data from January 1971 through
January 2008; the relationship among gross domestic product, current account deficits, budget deficits, oil
prices, mortgage rates, and exchange rates in the United States are examined by TAR unit root, TAR
cointegration, and TVEC analysis.
Keywords: financial crisis of 2008, TAR unit root, TAR cointegration, TVEC analysis
Jude Clemente, “Energy as the Foundation of Modern Life,” The Journal of Energy and
Development, volume 35, no. 1, pp. 33-48.
http://www.scribd.com/doc/73920132

Abstract: Analysis of the dangers posed by the use of fossil fuels and the emission of greenhouse gases,
particularly carbon dioxide (CO2), generally focuses on the potential for climate change impacts. It is
Abstracts from The Journal of Energy and Development

important in the context of assessing the societal risk of CO2 emissions, however, to also examine the
reasons why CO2 is emitted in the first place. CO2 is not released in a socioeconomic vacuum. CO2 is
emitted because it is the inevitable by-product of combusting fossil fuels, the foundation of the world’s
energy economy. Thus, it is important to strike a balance in the equation – both an assessment of the
dangers posed to the atmosphere by CO2 emissions and the powerful benefits created by the energy usage
that results in CO2 emissions. In short, breaking the global pattern of systematic poverty depends upon
available and affordable energy in general and on access to electricity in particular. Going forward, the
developing nations will need full access to the very same diverse range of fuels that has empowered the
industrialized world to raise the living standards for, and extend the lives of, billions of people.
Mainstream generation technologies will continue to be the least expensive and most scalable sources of
power in virtually every country in the world for decades to come. Fortunately, the International Energy
Agency has made clear that obstacles to incremental conventional energy production lie above ground,
not below it.
Keywords: fossil fuels, energy poverty, electricity, human development, urbanization, electrotechnologies
Rob Roy Ramey II, Laura M. Brown, and Fernando Blackgoat, “Oil and Gas Development and
Greater Sage Grouse (Centrocercus urophasianus): A Review of Threats and Mitigation Measures,”
The Journal of Energy and Development, volume 35, no. 1, pp. 49-78.
http://www.iceed.org/images/stories/articles/35-1_Ramey.pdf
Abstract:
In 2010, the U.S. Fish and Wildlife Service (USFWS) found that sage grouse are warranted as
"threatened" under the U.S. Endangered Species Act (ESA) but are currently precluded from being listed
by other priorities. This decision has resulted in additional regulations, mitigation measures, and
conservation efforts to benefit the species and preclude the need for its ESA-listing in the future. To
provide a more focused and effective level of conservation effort, this paper reviews six potential threats
from oil and gas development to greater sage grouse populations in western U.S.A. and Canada:
anthropogenic sound, human activity, predation, habitat fragmentation and loss, strike hazards, and West
Nile virus. For each threat we identify the source, the cause and effect mechanisms that could lead to a
behavioral response and/or demographic impact, and specific mitigation measures that could be
implemented in an adaptive management framework. Information needs are identified, including the need
for a central database of mitigation measures that have been implemented, and their effectiveness.
Keywords: sage grouse, oil and gas, mitigation, Endangered Species Act
Øystein Noreng, “Brazil and Norway – Offshore Petroleum Experiences and Lessons,” The Journal
of Energy and Development, volume 35, no. 1, pp. 79-99.
http://www.scribd.com/doc/73929591
Abstract:
Moving into the pre-salt petroleum resource base for Brazil represents challenges and opportunities
comparable to what Norway was facing in the 1970s and 1980s with regard to the North Sea. From the
outset, Norway had high ambitions for governance, spin-off benefits, and economic diversification. The
domination of the national oil company, Statoil, to a large extent implies reversed governance and the
original constitutional design is in shambles. Norway has been successful in industrial development in
relation to petroleum activities and in separating earning and spending of volatile petroleum revenues.
Abstracts from The Journal of Energy and Development

Brazil has taken sufficient measures to control its own petroleum industry. Foreign domination is not the
issue, but foreign participation is needed with terms useful to both parties. Governance and constitutional
design are critical issues. The production-sharing agreement (PSA) system imposed on the pre-salt
activities does not enhance transparency and supervision. This article suggests that the monopoly position
of Petrobras as pre-salt operator indicates governance in reverse.
Keywords: Brazil, Norway, offshore petroleum developments, Petrobras, Statoil
Musiliu O. Oseni, “Analysis of Energy Intensity and Its Determinants in 16 OECD Countries,” The
Journal of Energy and Development, volume 35, no. 1, pp. 101-140.
http://www.scribd.com/doc/73930670
Abstract:
Understanding the mechanisms of change in energy consumption has been a centre of attention since
the first oil price shocks in the early 1970s. A popular method of investigating these mechanisms has been
an adoption of decomposition technique to analyse the relative impacts arising from fundamental
improvements in energy use and the structural changes in an economy. This study investigates the
determinants of energy intensity in 16 OECD (Organisation for Economic Cooperation and Development)
countries from 1975-2007. The Fisher ideal index was adopted to decompose changes in energy intensity
into improvements in the use of energy and changes in the structures of economies. The results show that
structural changes have reduced energy-use in most of the countries while efficiency is more pronounced
in some others. Overall, the results suggest that about one-quarter of the decline (i.e., improvements) in
energy intensity over this period was due to fundamental improvements in energy use while the remaining
three-quarters can be explained by changes in economic structures. Furthermore, dynamic panel
regression results suggest that both price and income are important drivers of changes in energy intensity.
The long-run price and income elasticities of aggregate intensity, efficiency and activity are -0.57 and 0.50, -0.01 and -0.23, and -0.56 and -0.48 respectively. These show that the long-run impacts of both
price and income changes drives aggregate intensity more through shifts in economic activities than
through fundamental improvements in energy use. Further exploration of the results suggests that price
policy will be more effective in influencing energy intensity than income policy.
Keywords: Aggregate Intensity, Activity index, Efficiency index, Energy Intensive, Fisher Ideal Index,
Dynamic Panel Model, Generalised Method of Moment (GMM), Income Elasticity, Perfect
Decomposition, OECD Countries
Nadeem Malik, “Overview and Prospects for Energy Resources in Afghanistan and Measures to
Improve Sustainable Development,” The Journal of Energy and Development, volume 35, no. 1, pp.
141-164.
http://www.scribd.com/doc/73853859
Abstract:
Afghanistan’s energy sector and its economy are at a crossroads. Energy is a very important input in
the sustainable development of Afghanistan. If energy cannot be supplied prudently it could endanger the
Government’s development efforts and be a drain on economic growth. Capital investment in energy is
rising rapidly attesting to the efforts of the Islamic Republic of Afghanistan (IROA) and the donor
community. At the same time, the energy efficiency is not increasing. If left unchecked, much of the
investment that is being made could prove to be wasted.
Abstracts from The Journal of Energy and Development

The availability of secure energy within Afghanistan was significantly disrupted by the conflicts of the
past two decades. Post-conflict efforts by the Islamic Republic of Afghanistan (IROA) and international
donors to date have focused on expanding the availability of energy resources throughout the country.
Particular emphasis has been on expanding and rehabilitating the electricity sector in the major economic
hubs of the country and providing basic service in rural areas. Efforts also have been taken to improve
the supply of natural gas, increase the availability of hydro-electric generation, renovate and expand
electricity and natural gas transmission and distribution systems, develop renewable energy resources in
rural and remote areas and improve the capability of energy sector institutions.
The release of new estimates showing that Afghanistan may possess substantial reserves of oil and gas
may shake up Central Asia’s increasingly competitive energy contest and alter the region’s geopolitical
balance. This paper discusses the challenges facing the development of Afghanistan’s fossil fuels, in
particular natural gas and coal, which require large capital investment and significant private sector
participation to reach fruition. The major objective of the paper is to describe the existing energy
resources and suggest measures to improve the development of these assets.
Keywords: energy resources in Afghanistan, energy in Central Asia, sustainable development

The Journal of Energy and Development
Volume 34, number 2, spring 2009
(copyright 2011)
http://www.scribd.com/doc/54297819
Ryan David Dreveskracht, “Economic Development, Native Nations, and Solar Projects,” The
Journal of Energy and Development, volume 34, number 2, spring 2009, pp. 141-172.
http://www.scribd.com/doc/54295470
Abstract:
The Obama administration has consistently voiced a dedication to pulling out of the economic
recession with renewable energy. The administration also has voiced a very strong assurance to fulfill its
trust, treaty and inherent government-to-government obligations to Indian country vis-à-vis agency and
funding changes from the top down. Tying these commitments together, this article argues that Native
American tribes, in tandem with a continued shift in federal policy, are in a prime position to implement
solar energy projects as a means of sustainable economic development. The article first addresses Native
nation economic development strategy generally, focusing on the three necessary elements of success:
capable institutions, practical sovereignty, and cultural match. Next, we discuss how the implementation
of solar projects foster all of the aforementioned criteria, everything else static and with the correct
federal policies in place. Having laid out the general framework and argument in favor of these projects,
we will conclude by discussing the more general benefits of solar, as opposed to other economic
development ventures, and how Indian country, in particular, is a step ahead when it comes to solar
project preparation.
Keywords: economic development, Indian law, solar, energy, Native American, TERA

Abstracts from The Journal of Energy and Development

Hakima Chouikhi, Rafik Jbir, and Younés Boujelbène, “The Role of Oil Price in Exporting
Country: An Empirical Study for Libyan Economy,” The Journal of Energy and Development, The
Journal of Energy and Development, volume 34, number 2, spring 2009, pp. 173-186.
http://www.scribd.com/doc/54295698
Abstract:
An increase in oil prices is generally considered favorable for oil-exporting nations. However, the
experiences of some countries have shown that this is not always the case. This paper focuses on
studying the impact of recent increases in oil prices and their effects on the Libyan economy. The authors
employee a VAR model to analysis this phenomenon with monthly data from January 1997 through
December 2008. The findings show that oil price negatively impacts economic activity and causes
inflation, which leads to an appreciation of the real exchange rate. The paper suggests that this could be
symptomatic of “Dutch Disease.”
Keywords: oil prices, Dutch disease, VAR model, Libya
Omowumi Iledare and Mark Kaiser, “Prospectivity, Productivity, and Profitability of Offshore
Petroleum Leases: Empirical Evidence from the U.S. Gulf of Mexico Region,” The Journal of
Energy and Development, volume 34, number 2, spring 2009, pp. 128-207.
http://www.scribd.com/doc/54298034
Abstract:
The objective of this study is to estimate physical and economic performance measures to characterize
lease sales and development in the U.S. Gulf of Mexico. In an overall sense, the study provides an
empirical analysis of the performance in petroleum lease sales and development in offshore Gulf of
Mexico. The study shows there is a significant influx of new players into the Gulf of Mexico offshore
continental shelf (OCS) for oil and gas lease development. But there is empirical evidence to suggest that
the attractiveness of the Gulf of Mexico to the top four oil and gas firms remains strong.
To further address lease development issues, variables considered as central in the determination of the
expected value of or the realized economic value of lease development are incorporated in the study.
Such variables include water depth, bidding structure and conduct, bonus size, E&P firm type and size as
well as the Gulf planning area. In general, our estimated profitability indices for all categories of leases in
the OCS and the aggregate internal rate of return estimates are significantly low in comparison to the rate
of return in comparable U.S. industries. The reason for this low return is most likely due to the low ratio
of productive drilled leases to total leases issued.
Keywords: Gulf of Mexico offshore leases, oil and gas exploration, offshore continental shelf
W. A. Isola, “Market Structure in the Restructuring of the Nigerian Electricity Industry,” The
Journal of Energy and Development, volume 34, number 2, spring 2009, pp. 209-226.
http://www.scribd.com/doc/54298135
Abstract:
Until recently, the market for electricity used to be a monolithic structure. The Electricity Pool of
England and Wales were the first attempts to introduce competition in the electricity industry. Other
countries followed, including developing counties such as Chile, Argentina, and Peru. Nigeria recently
has deregulated its electricity industry. A partial equilibrium model in the style of the Cournot game is
employed to determine appropriate market structure in the generation of electricity.
Abstracts from The Journal of Energy and Development

The result shows that as a monopoly, the price that cleared the market was N11.60 per kilowatt hour
versus the N7 per kilowatt hour ceiling price set by the government. It also is found that as the number of
players increased, the price that cleared the market declined continuously. This study shows that 14 firms
of “equal size”—seven hydro-based and seven gas-based with a total production capacity of 54,000
megawatts—are feasible.
Keywords: Nigerian electricity industry, market structure, restructuring, Cournot game, partial
equilibrium model, oligopoly, monopoly, perfect competition, Bertrand game, supply function
equilibrium
Paul G. Adogamhe, “Reforming the Rentier State: The Challenges of Governance Reforms in
Nigeria,” The Journal of Energy and Development, volume 34, number 2, spring 2009, pp. 227-252.
http://www.scribd.com/doc/54298361
Abstract:
This paper examines the challenges of governance reforms within the context of a “rentier state.” A
rentier state is a commodity-exporting country, especially oil-producing developing countries that rely
on significant infusions from external sources over time for the bulk of state revenues. Nigeria exhibits
a drastic case of a rentier state, a fact that has complicated the economic and administrative reforms
undertaken by the Nigerian government. The widespread practice of a predatory political economy, an
unintended effect of the rentier state, poses a serious threat that continues to undermine good
governance, democratic process, and sustainable human development in Nigeria. Therefore, the
institutional transformation of the rentier state is a key not only in dealing with the crisis of economic
stagnation but also for achieving effective public and democratic governance in Nigeria.
Keywords: NEEDS, rentier state, Nigeria, public sector reforms, corruption, transparency, accountability,
good governance
Jack A. Fuller and Louise Ayre, “Performance Enhancement for the Reduced Environmental
Impact of Atmospheric Fluidized Bed Combustion (AFBC) Plants,” The Journal of Energy and
Development, The Journal of Energy and Development, volume 34, number 2, spring 2009, pp. 253263.
http://www.scribd.com/doc/54298533/
Abstract:
Atmospheric fluidized bed combustion (AFBC) is an advanced technology that offers fuel flexibility
and a smaller carbon footprint relative to other power-generating technologies. This paper presents a set
of performance benchmarks aimed at creating a more efficient AFBC industry. The continued use of
these benchmarks should ultimately reduce the negative environmental impacts of the AFBC industry by
allowing them to utilize fewer resources and emit less greenhouse gasses, while producing the same
amount of energy. Innovation facilitated by the benchmarking process will aid in achieving these goals.
The operational and technical benchmarks presented here will enable individual plants to identify where
performance gaps and technological opportunities exist so that they may take the appropriate steps to deal
with these shortcomings.
Keywords: Atmospheric fluidized bed combustion (AFBC), carbon foot prints, power generation
technologies, environmental impacts

Abstracts from The Journal of Energy and Development

Susan Moraa Onuonga, Martin Etyang, and Germano Mwabu, “The Demand for Energy in the
Kenyan Manufacturing Sector,” The Journal of Energy and Development, The Journal of Energy
and Development, volume 34, number 2, spring 2009, pp. 265-276.
http://www.scribd.com/doc/54298613

Abstract:
The overall purpose of this study was to estimate energy price elasticities and to determine the extent
of substitution possibilities between energy inputs and other non-energy factors of production within the
Kenyan manufacturing sector over the 1970- 2005 period. The results for the interfuel model indicated
that demand for electricity and oil in the Kenyan manufacturing sector were price inelastic and that oil
and electricity are substitutes. The fuel price and the cross-price elasticities were found to be small but
statistically significant. These results imply that manipulation of the fuel prices alone cannot achieve
much in controlling the use of energy in the Kenyan manufacturing sector. Limited substitution
possibilities between electricity and oil in this sector were found. Small substitution possibilities between
energy and non-energy inputs also were detected. The results for the total factor cost shares showed that
demand for energy and labor were price inelastic while the demand for capital had a unitary elasticity.
This suggested that costs of production within the sector might rise significantly as a result of the price
increase of the inputs, especially of energy.
Keywords: Kenyan demand for energy, manufacturing sector, translog model, inelastic demand for
energy

Noor Hanita Abdul Majid and Ibrahim Udale Hussaini, “A Survey of Energy-Efficiency Practices
in Nigerian Households,” The Journal of Energy and Development, The Journal of Energy and
Development, volume 34, number 2, spring 2009, pp. 277-289.
http://www.scribd.com/doc/54299302

Abstract:
The reduction of energy consumption in all spheres of human endeavor has become a subject of global
concern because of the impending danger of energy scarcity and high prices, climate change, and
environmental degradation. Of particular interest is the household energy consumption, which constitutes
a substantial amount of societal energy demand. Much has been done and a lot of research is still ongoing
in the aspects of housing design guidelines and appliances/services efficiency, yet little has been generally
accomplished due largely to poor consumer behavior in energy-efficiency practice. It is important to state
that until recently, the human dimension of energy use has not been given the desired attention. This
study therefore focuses on household energy use with the objective of assessing the human perception and
pattern of energy-efficiency practice in the households in Nigeria. A behavioral (quantitative) approach
has been adopted in assessing the level of efficiency practice of occupants/relationship of behavior with
other study variables. The findings have shown significant influence of behavior on household energy use
in conformity with results of past studies.
Keywords: energy, consumption, human behavior, appliances, architectural efficiency, energy efficiency
practices, household efficiency, built environment, Nigeria

Abstracts from The Journal of Energy and Development

The Journal of Energy and Development
Volume 34, number 1, autumn 2008
(copyright 2011)
http://www.scribd.com/doc/54054107
C.-Y. Cynthia Lin, “Estimating Supply and Demand in the World Oil Market,” The Journal of
Energy and Development, volume 34, number 1, autumn 2008, pp. 1-32.
http://www.scribd.com/doc/54055177
Abstract:
This paper uses instrumental variables to jointly estimate aggregate monthly supply and demand curves
for world oil under the assumptions of a static and perfectly competitive oil market. Results indicate that
world oil demand is inelastic. Although the supply and demand curves were consistent with economic
theory in the cases of world demand, non-OPEC demand, and two specifications for supply, this was not
the case for either OPEC demand or for most specifications for supply. The assumptions of a static and
perfectly competitive world oil market are thus unrealistic, especially in modeling oil supply.
Keywords: oil supply, oil demand, global markets, instrument, OPEC, non-OPEC, economic modeling
Daniel Romo Rico, Sergio M. Galina Hidalgo, and José Cruz Escamilla Casas, “Mexican Crude Oil
Production: Recent Achievements and Perspectives,” The Journal of Energy and Development,
volume 34, number 1, autumn 2008, pp. 33-51.
http://www.scribd.com/doc/54296043
Abstract:
The authors offer an assessment of the Mexican oil industry, the challenges it faces, and recent
achievements. In particular, the article discusses the changes brought about by the 2008 reform of the
energy sector and the impact on PEMEX, the state-owned oil monopoly. Particular attention is paid to
performance indicators for PEMEX, its investment and leverage levels, its governance structure, and the
politics of energy reform in Mexico.
Keywords: Mexican oil production, PEMEX, the 2008 Reform Act, Chicontepec, Cantarell, KMZ
Peggy A. Heeg, “Compliance in a New Era of Energy Market Manipulation Oversight,” The
Journal of Energy and Development, volume 34, number 1, autumn 2008, pp. 53-85.
http://www.scribd.com/doc/54296177
Abstract:
Energy companies, faced with new laws, overlapping regulatory jurisdiction, and substantial penalty
authority, must navigate a myriad of regulation designed to prevent manipulation of the energy markets.
The Federal Energy Regulatory Commission, the Commodity Futures Trading Commission, and the
Federal Trade Commission all have authority to prevent market manipulation. Although simple in
concept, market manipulation is extremely complex in application. Recognizing that a finding of market
manipulation carries the prospect of substantial civil and criminal penalties, energy companies are
implementing systematic compliance protocols to monitor, identify, and comply with the law. The paper
provides an overview of the regulatory framework of energy market manipulation and outlines the
Abstracts from The Journal of Energy and Development

regulatory expectation for compliance programs. (This work by Peggy A. Heeg, “Compliance in a New
Era of Energy Market Manipulation Oversight,” was published as Occasional Paper 44 by The
International Research Center for Energy and Economic Development, 2010. ISBN 0-918714-69-70-2.)
Keywords: FTC, CFTC, market manipulation, Federal Energy Regulatory Commission (FERC), the
commodity futures trading commission, federal trade commission compliance, federal sentencing
guidelines
Ichiro Kutani, “The Energy Outlook for Asia to 2035,” The Journal of Energy and Development,
volume 34, number 1, autumn 2008, pp. 87-94.
http://www.scribd.com/doc/54296264
Abstract:
Tracking and projecting energy trends in Asia reveal a wide range in the demand growth rates within
the overall national economy and by sector, in the sources of supply either domestically produced or
through imports, in the fuel mix, and in policies toward consumption and environmental concerns. This
article encapsulates a more extensive, ongoing effort to identify and assess the factors that, based on
recent trends, may impact the issues of demand, supply, and security of supply in the next two and a half
decades. Particular focus is paid to energy strategies, energy security, and the role of technology for the
nations of Japan, China, and India.
Keywords: Asian energy demand, Japan, China, India, Asian coal demand, Asian nuclear energy, Asian
oil demand, carbon dioxide emissions, motorization trends, energy security
Shaikha Al-Fulaij and Mohammed Hajeeh, “Energy Price Reforms and Demand for Energy in
Kuwait,” The Journal of Energy and Development, volume 34, number 1, autumn 2008, pp. 95-110.
http://www.scribd.com/doc/61305832
Abstract:
This paper develops and estimates an energy demand model for Kuwait. The model consists of sectorcum-fuel specific demand functions, which are estimated based on annual time series data covering the
period from 1975 to 2003. The different sectors considered in the analysis are residential, industrial,
commercial, government, transportation, mining and quarrying, and electricity and water production. The
different fuels taken into consideration are electricity, liquefied petroleum gas, kerosine oil, natural gas,
gasoline, diesel oil, aviation fuel, crude oil, and heavy oil. The main findings of the paper are that
authorities can use energy price policy to reduce the level of energy consumption in the country.
However, increases in energy prices alone are not likely to reduce energy consumption substantially.
Keywords: energy demand, energy prices, energy consumption, Kuwait
Jack A. Fuller and Louise Ayre, “The Efficiency and Performance of Atmospheric Fluidized Bed
Combustion Plants,” The Journal of Energy and Development, volume 34, number 1, autumn 2008,
pp. 111-120.
http://www.scribd.com/doc/54296499
Abstract:
Atmospheric fluidized bed combustion (AFBC) boilers are a valuable, advanced technology that offers
fuel flexibility and low relative emissions. This paper presents a set of competitive benchmarks
Abstracts from The Journal of Energy and Development

developed from AFBC plant-level data aimed at allowing plant owners and operators to assess and
improve their own level of competiveness. Such analysis should allow for overall higher levels of
performance and efficiency to be achieved within the industry. The benchmarks presented enable plants
to identify where competitive gaps and technological opportunities exist so that they may appropriately
revise their management strategy. The focus of the benchmarks is on operational and technical topics as
cost efficiency and operational performance are critical to being competitive within the power generation
industry.
Keywords: atmospheric fluidized bed combustion, energy efficiency, operational performance
Charles J. Sullivan, “Pipeline Politics in the Post-Soviet Space: The View from Ashgabat,” The
Journal of Energy and Development, volume 34, number 1, autumn 2008, pp. 121-128.
http://www.scribd.com/doc/54296592
Abstract:
Since the death of Turkmenistan’s President-for-Life (Saparmurat Niyazov) in late 2006, the Turkmen
government under the stewardship of Niyazov’s successor (Gurbanguly Berdymuhammedov) has been
adhering to a new foreign policy. Today, Turkmenistan seeks to enhance its sovereignty by endorsing a
mixture of “positive neutrality” (emphasizing Turkmenistan’s neutrality) and “multivectorism” (by
exporting its gas to other countries so as to lessen its dependence on Russia). Yet will Turkmenistan
succeed in further diversifying its gas exports? Overall, this article posits that although
Berdymuhammedov recently has expressed interest in reviving several Niyazov-era pipeline projects, a
variety of obstacles hinder Turkmenistan’s efforts to export its gas westward and southward. Moreover, in
order for Turkmenistan to establish strong ties to the West and attract foreign investment, Ashgabat needs
to institute economic reforms. At this time, it remains to be seen as to whether President
Berdymuhammedov and the ruling elite view economic reform as a top priority.
Keywords: Turkmenistan, pipelines, gas, Berdymuhammedov, Russia, Turkmenistan-AfghanistanPakistan-India pipeline, Nabucco, Europe, isolationism, reform
Karen Cruz and Adam Rein, “Philippines Energy Policy and Development,” The Journal of Energy
and Development, volume 34, number 1, autumn 2008, pp. 129-140.
http://www.scribd.com/doc/54296947
Abstract:
The Philippines Department of Energy states “[it has] committed to pursue national development
through the two-fold agenda of attaining energy independence and implementing power market reforms.”
This paper analyzes the feasibility of energy independence within the Philippines and offers an alternate
energy framework that can benefit both the Philippines and other countries facing continued foreign
energy dependency. The conclusion asserts that instead of pursuing national development solely through
energy independence and power market reforms, the Philippines should take a more nuanced analysis of
energy policy and implement the following strategies: diversify some of oil imports from Russia, make
mass transportation a priority over first-generation renewable energy, and fund second-generation
renewable and alternative vehicle research and projects.
Keywords: Philippines, renewable energy, energy independence, energy security, Asia, energy policy,
energy security, middle income, transportation, second generation energy

Abstracts from The Journal of Energy and Development

The Journal of Energy and Development
Spring 2008, volume 33, number 2
(copyright 2010)
http://www.scribd.com/doc/46689038/Journal-of-Energy-and-Development-Spring-2008-Vol-33-No-2
Thomaz Alvares de Azevedo, “Fueling Brazil: The Effects of the Ethanol Cluster in the Local
Community,” The Journal of Energy and Development, spring 2008, volume 33, number 2, pp. 153167.
http://www.scribd.com/doc/44470718
Abstract:
The production of biofuels has been at center stage in an array of debates involving national security,
environment, and food security. While much of the debate has focused on how the growth of biofuels
affects food production, other socioeconomic effects of the burgeoning biofuel industry in developing
countries, for example, on immigration and urbanization, have been less often considered. In this paper
we analyze the broader community impact of a sugarcane ethanol business cluster in the state of São
Paulo, Brazil. We show that this biofuel cluster has resulted in increasing immigration and urbanization
in the region. We also show that the cluster has resulted in decreasing labor productivity. Our research
suggests that this decrease may be due to the growth of the informal sector.
Keywords: biofuel, ethanol, sugarcane, Brazil, cluster, labor productivity, migration, urbanization,
economic growth, local impact.
Jack A. Fuller and Aseem Tiwari, “Reciprocating Engines: Their Application in Commercial
Sectors,” The Journal of Energy and Development, spring 2008, volume 33, number 2, pp. 169-179.
http://www.scribd.com/doc/44470983/Reciprocating-Engines-Their-Application-in-Commercial-Sectorsby-Jack-A-Fuller-and-Aseem-Tiwari
Abstract:
A primary objective of this research was to focus on the application of reciprocating engines in a wide
range of commercial sectors. As part of this paper, we collected data on the number of reciprocating
engines used in three main applications: (1) base load, (2) peaking, and (3) standby. The base-load
application represents continuous operation of engines for more than 4,000 hours per year, whereas
peaking applications represent engines operating for less than 4,000 hours annually. The standby
application was divided into interconnected and non-interconnected categories. The total number of
engines in each application was then categorized into 48 major and minor commercial sectors. The
study’s results provided significant information on the impact of reciprocating engine technology on
distributed power generation in different commercial sectors. The engine power output in megawatts
pertaining to each of the three applications also was reported in order to determine the total power output
in gigawatts generated in every sector.
Keywords: reciprocating engines, commercial sector, base load applications, peaking applications.
Sadek Boussena and Catherine Locatelli, “The Bases of a New Organization of the Russian Oil
Sector: Between Private and State Ownership,” The Journal of Energy and Development, spring
2008, volume 33, number 2, pp. 181-199.
Abstracts from The Journal of Energy and Development

http://www.scribd.com/doc/44471378/The-Bases-of-a-New-Organization-of-the-Russian-Oil-SectorBetween-Private-and-State-Ownership-by-Sadek-Boussena-and-Catherine-Locatelli
Abstract
The reforms and privatization programs of the 1990s structured the Russian oil industry around a few
large national and private companies. Today, we see a movement in another direction as the Russian
authorities reassert control over parts of the oil sector, which has implications for ownership structure
between the state and the private sector. Three factors may explain this evolution and the government’s
rationale. First, the Russian authorities want to ensure the long-term future of the oil industry by
encouraging new strategies in exploration. Second, the government can use the oil sector to support
economic growth. This would involve sharing of the rent in a different manner. Third, and it is a new but
important factor, the Russian government intends to use its oil production to strengthen its power base in
international relationships with the United States, Europe, and Asia (China, Japan, South Korea, and
India). The future of the Russian oil industry is of strategic value and importance for the stability of the
international oil market. Last, could Russia produce 12 million barrels of oil per day and challenge the
long-standing dominant position of the Saudi Arabia?
Keywords: oil industry, Russia, ownership rights, access to the natural resource, state policy, rule of law,
market reform, Russian international policy.
Mansur Masih, Mohammed A. Al-Sahlawi, and Lurion De Mello, “What Drives Carbon-Dioxide
Emissions: Income or Electricity Generation? Evidence from Saudi Arabia,” The Journal of Energy
and Development, spring 2008, volume 33, number 2, pp. 201-213.
http://www.scribd.com/doc/44471606/What-Drives-Carbon-Dioxide-Emissions-Income-or-ElectricityGeneration-Evidence-from-Saudi-Arabia-by-Mansur-Masih-Mohammed-A-Al-Sahlawi-and-Lurion
Abstract:
This study investigates the Granger causality relationship among income, electricity generation, and
carbon-dioxide (CO2) emissions in Saudi Arabia. It is motivated by the heightened world concern over
global pollution and climate change. There have been many attempts to explain the increase in per-capita
CO2 emissions by relating it to per-capita income growth in a country via the “Environmental Kuznets
Curve.” However, the previous research on CO2 emissions did not take electricity generation into
account. Our multivariate study is based on a rigorous time-series technique known as long-run structural
modeling and investigates two questions: (1) whether real income, electricity generation, and CO2
emissions are cointegrated or not and (2) if they are cointegrated, this study makes an initial attempt to
discern the Granger-causality relationship between them. In particular, we ask what drives CO2
emissions: income or electricity generation? Saudi Arabia is taken as a case study. Our econometric
findings tend to indicate that real income, electricity generation, and CO2 emissions are cointegrated and
that CO2 emissions are driven mainly by real income, although it appears that at the out-of-sample
forecast period electricity generation also started playing a significant role in explaining CO 2 emissions.
This study’s findings have significant policy implication since CO2 emissions are largely income-driven,
suggesting that policies should be focused on environment-friendly gross domestic product (GDP)
growth. Moreover, not only the production but also the consumption of GDP, in particular the tastes and
preferences of high-income individuals, needs to be environment-friendly. These findings have profound
policy implications for both the developing and the developed economies of the world.

Abstracts from The Journal of Energy and Development

Keywords:
carbon-dioxide
(CO2)
emissions,
Environmental
Kuznets
Curve,
Saudi Arabia, long-run structural modeling (LRSM), generalized impulse response functions, generalized
variance decompositions, persistence profile.
Oona Nanka-Bruce, “The Socioeconomic Drivers of Rural Electrification in Sub-Saharan Africa,”
The Journal of Energy and Development, spring 2008, volume 33, number 2, pp. 215-247.
http://www.scribd.com/doc/44474403
Abstract
A significant proportion of the population in sub-Saharan Africa lives in the rural areas, with the majority
living on less than U.S. $1 per day. Access to electricity is considered an essential element in the
sustainable development of rural areas and an enabler for countries to achieve their Millennium
Development Goals. This paper contributes the first analytical study of the socioeconomic factors that
have a significant impact on rural electrification (RE) development in sub-Saharan Africa. The study
employs cross-sectional data for 24 of the 47 countries in the sub-Saharan region and finds factors,
including the Human Development Index, wealth distribution, institutional development, and urban
population size of a country, to have a significant impact on RE development. A detailed policy survey of
four countries from the sample— two countries categorized as over-performing (Nigeria and Madagascar)
and two as under-performing (Tanzania and Chad)—highlights that collaboration with international
partners, integration of national policies, and strategies and the use of renewable energy sources enhances
RE development in sub-Saharan Africa.
Keywords: rural electrification, socioeconomic factors, developing countries, Sub Sahara Africa,
sustainable development, Millennium Development Goals, econometric modelling, policy survey.
Shelton Woods, “Oil for China: The Sino-Russian Waltz,” The Journal of Energy and Development,
spring 2008, volume 33, number 2, pp. 249-265.
http://www.scribd.com/doc/44471931

Abstract
It is called the biggest soap opera in oil transfer history. The East Siberian Pacific Ocean Pipeline
(ESPOP), proposed last century, was slated originally to transfer oil from Russia to China. Both countries
expressed excitement at the prospect of working together to build the world’s most expensive pipeline.
The project appeared to be the best of worlds for both countries: Russia would cultivate China as a
market for its oil, and China’s dynamic economy would find new external energy resources. This article
details the geopolitical intrigue, historical context, economic implications, and energy resource
implications that are inexorably tied together in the ESPOP story.
Keywords: Russia, China, oil, Siberian Pipeline, Transneft, Yukos, Khordorkovsky, coal, Japan.
Fotios Chatzitheodoridis, Argyrios D. Kolokontes, and Lavrentios Vasiliadis, “Lignite Mining and
Lignite-Fired Power Generation in Western Macedonia of Greece: Economy and Environment,”
The Journal of Energy and Development, spring 2008, volume 33, number 2, pp. 267-282.
http://www.scribd.com/doc/44472174

Abstracts from The Journal of Energy and Development

Abstract
During the post-World War II period and particularly after the 1973 oil crisis, Greek energy policy was
based on lignite mining and lignite-fired power generation plants, which was heavily concentrated in the
Western Macedonia region. This led to the creation of a type of economic duality in Western Macedonia,
with the eastern portion becoming dependent on lignite mining, bearing the environmental consequences
of its extraction and burning, and lacking economic diversification in relation to the western part. The
authors examine this disparity and discus the factors leading to a movement away from lignite usage.
This study includes an input-output analysis showing there is a more balanced economic development
plan being implemented for the western part of the region. This work suggests that the eastern part of
Macedonia must adopt different development policies for a post-lignite era, which would focus on
diversifying and improving the economic conditions of the inhabitants.
Keywords: lignite, energy, Western Macedonia, employment, air pollution, developmental duality, inputoutput analysis, lignite-power generation.

The Journal of Energy and Development
autumn 2007, volume 33, number 1
http://www.scribd.com/doc/25491277/The-Journal-of-Energy-and-Development-autumn-2007-volume33-number-1
Atle G. Guttormsen, “Causality between Energy Consumption and Economic Growth,” The
Journal of Energy and Development, autumn 2007, vol. 33, pp. no. 1, 1-22.
Abstract
There are a large number of papers examining the empirical relationships between energy use and
economic growth. However, these studies differ in their methodology according to which country, what
sort of data is used, and the eventual results. In this paper, the author presents a comprehensive overview
of empirical energy use/economic growth studies. The focus is on the results and methodology used. In
addition, the author presents a sound methodological approach for analyzing such relationships, and
applies this methodology to several economies.
Keywords: energy consumption, economic growth, causality, cointegration
http://www.scribd.com/doc/25490532/Causality-between-Energy-Consumption-and-Economic-Growthby-Atle-Guttormsen
Yaya Keho, “Causal Relationship between Energy Consumption and GDP: An Empirical Analysis
for Five West African Countries,” The Journal of Energy and Development, autumn 2007, vol. 33,
no. 1, pp. 23-32.
Abstract:
This paper examines the causal relationship between energy use and GDP for five West African
countries using the innovative econometric methodology recently developed by Toda and Yamamoto
(1995). This method avoids problems and misleading inferences associated with preliminary tests. We
first test for unit root in the time series. Unit root tests suggest that series are non stationary even if the
structural break points are taken into account. The empirical findings from the Granger non-causality
tests indicate that there is no evidence of causality for Benin and Senegal. For Togo, there is a one-way
Abstracts from The Journal of Energy and Development

causality running from energy to GDP. For Côte d’Ivoire and Ghana, however, we found that economic
growth signals the future direction of energy use.
Keywords: energy consumption, growth causality, West Africa, Côte d’Ivoire, Benin, Senegal, Togo,
Ghana, Granger causality test
http://www.scribd.com/doc/25490831/Causal-Relationship-between-Energy-Consumption-and-GDP-AnEmpirical-Analysis-for-Five-West-African-Countries-by-Yaya-Keho
Melike Bildirici and Tahsin Bakirtas, “Econometric Model of Electricity Demand in Turkey as a
Measure of Economic Growth and Development,” The Journal of Energy and Development, autumn
2007. vol. 33, no. 1, pp. 33-48.
Abstract:
This article develops an econometric model of electricity demand in Turkey as a measure of economic
growth and development. In this study, the authors use the variables of electricity consumption (percapita electricity consumption, electricity use in the manufacturing industry, and net electricity
consumption) as a measure for both economic growth and development in various models, and then
derive a demand curve. While emphasizing the differences of growth and development in electricity
consumption, the authors obtain the electricity demand in Turkey and the demand for the industrial sector.
For analyses, they use cointegration and vector error correction (VEC) analysis and autoregressive
moving average (ARMA) for assumptions to 2015. According to the results obtained from the
econometric model, the elasticity in the growth model has been found much higher than that for the
development model. Based upon their work, the authors expect that electricity demand will continue to
grow at high rates as a natural consequence of industrialization in Turkey, which will require substantial
new investments in order to expand the country’s power generation capacity.
Keywords: econometric models, Turkey, electricity demand, economic growth, economic development,
cointegration and vector error correction (VEC) analysis, autoregressive moving average models
(ARMA), per-capita electricity consumption, electricity use in the manufacturing industry, and net
electricity consumption
http://www.scribd.com/doc/25491490/Econometric-Model-of-Electricity-Demand-in-Turkey-as-aMeasure-of-Economic-Growth-and-Development-by-M-Bildirici-and-T-Bakirtas
Ayed S. Al-Qahtani, Edward J. Balistreri, and Carol A. Dahl, “Estimating the U.S. Dollar
Depreciation Effect on Oil Prices,” The Journal of Energy and Development, autumn 2007, vol. 33,
no. 1, pp. 49-55.
Abstract
Record high oil prices during the first half of 2008 left many arguing about which market factor
contributed the most to these dramatic price increases. Consuming nations blamed it on factors such as
OPEC's production capacities and supply decisions with little mention of the U.S. dollar's value, whereas
OPEC blamed it on the U.S. dollar depreciation along with geopolitical factors. Our contribution is to
shed quantitative light on this argument by employing the global oil market optimization model
developed by Al-Qahtani (2008). Our comprehensive model designated in dollars recognizes OPEC’s
market power, a competitive fringe and maximizes OPEC economic profits given physical market
constraints relating to crude supply, transportation, and refining, along with refined products
transportation and consumption. By only shifting the dollars value in our model, we can measure the
effect of the depreciation on the crude oil price. Although crude oil prices for the West Texas
Abstracts from The Journal of Energy and Development

Intermediate (WTI) increased from about $44.75/Bbl to $125.39/Bbl, from 2004 to May of 2008, we find
only about 6.7% of this increase price can be explained by the U.S. dollar depreciation. As for the overall
average price increase for all crude types, prices increased by only 9.5% as a result of the dollar
depreciation.
Keywords: oil prices and the U.S. dollar, optimization techniques, programming models, dynamic
analysis, oligopoly and other forms of market imperfection, energy supply and demand
http://www.scribd.com/doc/25482969/Estimating-the-U-S-Dollar-Depreciation-Effect-on-Oil-Prices-byA-Al-Qahtani-E-Balistreri-and-C-Dahl
Øystein Noreng, “Securing Natural Gas Supplies to Europe: Lessons and Prospects,” The Journal
of Energy and Development, autumn 2007, vol. 33, no. 1, pp. 57-80.
Abstract:
This article addresses the high priority for securing natural gas supplies to Europe. With rising overall
energy demand and the goals of reducing carbon emissions, natural gas has increasingly become the
preferred fuel in Europe, yet it is accompanied be a high degree of both price and supply risks.
Disruptions in the supply of Russian natural gas to Europe in 2008 and 2009 exposed the precariousness
of the natural gas situation and raises issues of Europe’s increased gas import dependence. This article
addresses many of these issues including: to what extent would the European Union (EU) be able to
contract sufficient supplies from reliable partners, to what extent would the EU be able to pay for
increasing natural gas volumes, and how could or should the natural gas trade be organized – through the
market or through planning? Other topics discussed in this article include the relationship between the
EU and Russia, alternatives to Russian natural gas imports, the notion of energy security, the role of
China and India in changing the international oil and natural gas game, the impact of government-togovernment energy deals, EU import dependence, Europe’s natural gas environment, and the problems
and politics of Russian gas supplies being transported through the Ukraine into the EU. The author
argues that it is the rational policy for both the EU and Russia to develop closer economic relations that
enhance interdependence rather than obstruct trade. Russia’s cut-off of natural gas supplies to and
through the Ukraine in the winter of 2008-2009 was unwise and harmed Russia’s reputation as a reliable
supplier. The author concludes that from the EU perspective, Russia has a larger potential as a trade
partner than any other natural gas supplier.
Keywords: European natural gas imports, European natural gas dependence, geopolitics and natural gas,
Russian natural gas exports, Gazprom, EU-Russia relations
http://www.scribd.com/doc/25491703/Securing-Natural-Gas-Supplies-to-Europe-Lessons-and-Prospectsby-%C3%98ystein-Noreng
Mohammed A. Al-Sahlawi, “An Alternative Oil-Pricing Currency and OPEC’s Foreign Assets,”
The Journal of Energy and Development, autumn 2007, vol. 33, no. 1, pp. 81-90.
Abstract
The relationship between oil and the U.S. dollar started with the creation of the oil industry when oil
began to be both priced and traded globally in U.S. dollar. The fluctuations in the value of the dollar
destabilize oil markets and affect OPEC’s purchasing power. For more than three decades, a debate has
ensured as to whether to continue pricing oil in U.S. dollar or to migrate to an alternative currency or
currency basket. This paper aims to assess the relationship between oil price and the U.S. dollar; the

Abstracts from The Journal of Energy and Development

economic implications will be analyzed with emphasize placed on the impact of the alternative oil pricing
currency on OPEC’s foreign assets, which are mostly denominated in U.S. dollar.
Keywords: oil price, U.S. dollar, exchange rate, purchasing power, OPEC, currency, foreign assets,
pricing, petrodollars, euro
http://www.scribd.com/doc/25492063/An-Alternative-Oil-Pricing-Currency-and-OPEC%E2%80%99sForeign-Assets-by-Mohammed-A-Al-Sahlawi
Antoine Halff, “The Oil Market after the Crash: Old Fears, New Risks,” The Journal of Energy and
Development, autumn 2007, vol. 33, no. 1, pp. 91-103.
Abstract
This article argues that the crash of 2008, coming on the heels of a major oil rally, helped accelerate
market cycles while also triggering potentially game-changing effects. In contrast with the widely held
view that the rally came primarily from the growing demands of emerging economies on depleting oil
supplies, the author singles out oil nationalism as a key price driver, noting its inherent cyclicality.
Additionally, after a spike in 2004, global oil demand slowed to more unexceptional rates before flipping
into reverse. Renewed interest in efficiency may dampen demand growth even if the economic recovery
gains momentum. Warnings about a looming supply crunch could backfire by prolonging investmentadverse policies in host countries. Energy security policy should keep in mind the cyclicality of oil
markets and focus instead on seeking equitable terms between host governments and companies in the
next downturn, thereby minimizing future backlashes.
Keywords: oil prices, forecasting, demand and supply, resource nationalism, energy security, market
cycles, energy policy, geopolitics, efficiency
http://www.scribd.com/doc/25492388/The-Oil-Market-after-the-Crash-Old-Fears-New-Risks-byAntoine-Halff
Kaoru Yamaguchi and Akihiro Watabe, “Rural Electrification in Developing Countries: Conflicts
between Local Technological Innovation and the National Electrification Policy,” The Journal of
Energy and Development, autumn 2007, vol. 33, no. 1, pp. 105-128.
Abstract:
Increasing the rate of rural electrification is one of the most pivotal issues for developing countries.
However, many developing country governments fail to expand rural electrification due to financial and
technological constraints and thus, rural households are often left waiting for years to gain access to
electricity. These situations create incentives for rural communities to employ local technologies to gain
renewable energy with available resources such as biomass, village hydro, and micro-hydro. Thus,
through innovation local rural communities are able to have access to a supply source of electricity prior
to national electrification. Yet such incentives depend on both how and when rural communities
anticipate the government will implement electrification plans. This paper examines non-trivial policy
questions on how to promote rural electrification and the well being of rural households. A model is
presented for determining when to employ local technologies to produce energy versus waiting for
national electrification. The authors pay attention to the potential conflicts between the policy goals of
national electrification and rural communities’ incentives for developing local renewable energy
technologies. Lastly, the authors detail the four primary factors that can influence local communities’
incentives and provide Myanmar as a case study for their model.

Abstracts from The Journal of Energy and Development

Keywords: rural electrification, electricity in developing countries, renewable energy, sustainable energy,
economic development, community decision making, local technology, national electrification policies,
economic modeling, Myanmar
http://www.scribd.com/doc/25492787/Rural-Electrification-in-Developing-Countries-Conflicts-betweenLocal-Technological-Innovation-and-the-National-Electrification-Policy-by-K-Yamaguch
Alberto Cisneros-Lavaller, “Geopolitical Factors as a Non-Premium on Oil Prices,” The Journal of
Energy and Development, autumn 2007, vol. 33, no. 1, pp. 129-147.
Abstract:
This study analyzes key drivers shaping international oil markets: geopolitical trends that affect energy
production and economic fundamentals. Reviewing the evolution of supply and demand, the analysis
emphasizes disturbances on crude oil supply as a consequence of regional political tensions. Two
hypotheses are presented: (a) either the market is at the mercy of geopolitical events or (b) political
disturbances and risks have been incorporated into the market pricing of oil and a new “norm” has been
established. In this work four cases are presented: Venezuela, Iraq, Nigeria, and Iran. Each country is
examined and the events disrupting oil production supply are outlined. The author also identifies how
geopolitical factors can work as both a variable and as a constant. The study concludes with the
presentation of two contrasting scenarios: a “traditional” one where geopolitical factors work as a variable
and a “surprise free” scenario where geopolitical variables work as a constant.
Keywords: geopolitics, variable and constant analysis, scenarios (traditional and surprise), oil price
volatility, economics, energy fundamentals, supply and demand, Iran, Venezuela, Iraq, Nigeria
http://www.scribd.com/doc/25492868/Geopolitical-Factors-as-a-Non-Premium-on-Oil-Prices-by-AlbertoCisneros-Lavaller

The Journal of Energy and Development
spring 2007, volume 32, number 2
http://www.scribd.com/doc/25494325/The-Journal-of-Energy-and-Development-spring-2007-volume-32number-2
Douglas B. Reynolds and Yuanyuan Zhao, “The Hubbert Curve and Institutional Changes: How
Regulations in Alaska Created a U.S. Multi-Cycle Hubbert Curve,” The Journal of Energy and
Development, spring 2007, vol. 32, no. 2, pp. 139-186.
Abstract
The paper uses a simplified Hubbert curve to show how institutional changes specifically in Alaska
caused the United States to have a change in its oil supply trend. The model accounts for institutional
changes in taxes and price shocks. Institutional changes in Alaska created a significant change in the U.S.
Hubbert trend but price and technological effects also cause new Hubbert cycles. This puts into question
Hubbert’s original single-trend model as Maugeri suggests, and shows how it is possible for any oilproducing region to have a new round of oil production increases by simply changing their institutions.
Keywords: The Hubbert Curve, Alaska oil production, energy demand and supply, energy government
policy
Abstracts from The Journal of Energy and Development

http://www.scribd.com/doc/25497769/The-Hubbert-Curve-and-Institutional-Changes-How-Regulationsin-Alaska-Created-a-U-S-Multi-Cycle-Hubbert-Curve-by-D-Reynolds-and-Y-Zhao
Piotr Zientara, “Coal Mining, Economic Development, and Environmental Sustainability: The
Case of Poland,” The Journal of Energy and Development, spring 2007, vol. 32, no. 2, pp. 187-204.
Abstract
The aim of the article is to discuss the implications of coal use for socio-economic development and
environmental sustainability in Poland, a former communist country where coal-fired power generation
accounts for 94.8 percent of total electricity consumption. It explores the nature of the challenges facing
Poland, which – having paid virtually no regard to environmental issues under communism — is now the
EU’s biggest coal producer and one of its worst polluters. Critically, while highlighting the legacy of
coal-driven development championed by the communist authorities, we argue that coal utilization might
indeed produce beneficial outcomes for the entire economy. For this to happen, however, a substantial reorientation of policy is called for. We provide, therefore, an explanation of what needs to be done as the
country could capitalize on the potential of coal and, even more importantly, reconcile this with the
challenge of environmental sustainability. Accordingly, the article concludes by presenting a set of
concrete policy recommendations.
Keywords: Poland coal, coal pollution, Poland environmental sustainability
http://www.scribd.com/doc/25498063/Coal-Mining-Economic-Development-and-EnvironmentalSustainability-The-Case-of-Poland-by-Piotr-Zientara
Claudia Curi, Dapeng Liang, and Paolo Mancuso, “Assessing Differences in the Energy-Intensity
Evolution Between High- and Medium-Income Countries,” The Journal of Energy and
Development, spring 2007, vol. 32, no. 2, pp. 205-217.
Abstract
The purpose of this paper is to compare the evolution of energy intensity for 11 OECD countries and
China over the period 1990-2000. The sample is divided into two groups following the World Bank
classification: high-income countries (France, Germany, Japan, Greece, Italy, Spain, Great Britain, and
The United States) and middle-income countries (Mexico, Poland, Turkey, and China). First, the paper
points out that middle-income countries are more rapid in reducing energy intensity than high-income
ones. Second, the industrial sector analysis, computed by through the Multiplicative Log Mean Divisia
Index, highlights that for both groups of countries, the main cause of energy-intensity variation is
represented by the pure efficiency variation. Finally, the paper concludes that the openness of national
economies, combined with the privatization and the liberalization process, has been one of the most
important factors in reducing energy intensity for middle-income countries.
Keywords: energy intensity; economic development; index numbers
http://www.scribd.com/doc/25505796/Assessing-Differences-in-the-Energy-Intensity-EvolutionBetween-High-and-Medium-Income-Countries-by-Claudia-Curi-Dapeng-Liang-and-Paolo-Mancuso
Katherine B. Ensor, Lada Kyj, and Gary C. Marfin, “Enterprise and Political Risk Management in
Complex Systems,” The Journal of Energy and Development, spring 2007, vol. 32, no. 2, pp. 218-230.
Abstract
Can investors obtain a more accurate assessment of investment risk? Focusing on foreign direct
investment and political risk in the energy sector, in this paper the authors show: (1) the importance of
Abstracts from The Journal of Energy and Development

considering the risk from cross-country market correlations, independent of factors specific to any given
project investment, (2) the failure of value at risk (VAR), as conventionally determined, to capture
extreme events, and (3) the improved assessment capabilities available from an alternative, quantile
regression-based approach for arriving at the VAR.
Keywords: risk management, political risk, enterprise risk, project risk, country-level risk, quantile
regression, risk correlations, emerging market risk, value at risk (VAR), ordinary least-square regressions
(OLS)
http://www.scribd.com/doc/25505936/Enterprise-and-Political-Risk-Management-in-Complex-Systemsby-K-Ensor-L-Kyj-and-G-C-Marfin
Peter C. Fusaro, “The New Green Business Model for Investment,” The Journal of Energy and
Development, spring 2007, vol. 32, no. 2, pp. 231-248.
Abstract
This paper examines the emerging markets for environmental financial investment and trading. It
evaluates the role of venture capital funds, hedge fund investments, and private equity investors in clean
energy technology projects. The three global market drivers for the new green investment model are
discussed, which include sustained higher energy prices, accelerated technology shifts, and increased
environmental concerns. The accelerating clean technology investment trajectory is assessed as is the
role of climate change as a market driver. Emissions trading of carbon dioxide and green house gases are
also covered along with the existing sulphur dioxide and nitrous oxide markets in the United States.
Keywords: Green trading, investment in sustainable development, renewable energy financing, Kyoto
protocol, emissions trading
http://www.scribd.com/doc/22317250/The-New-Green-Business-Model-for-Investment-by-Peter-Fusaro
Katharina V. Boesche and Edward L. Flippen, “U.S., European Union, and German Energy Law:
Regulation or Free Market?” The Journal of Energy and Development, spring 2007, vol. 32, no. 2,
pp. 249-261.
Abstract
This paper evaluates the European Union and German energy laws that may provide parallels for
improved regulations and competitiveness in the U.S. electricity and power markets. The U.S. Federal
Energy Regulatory Commission’s (FERC’s) attempted to eliminate undue discrimination in the provision
of electric transmission service, providing the foundation for competitive wholesale power markets in the
United States through non-discriminatory open-access transmission. FERC Order No. 888 was designed
to place electric competitors on an equal footing with vertically integrated utilities in obtaining access to
the transmission grid. However, FERC decided that Order No. 888 was not effective at addressing all the
problems associated with the development of competitive power markets and that a separation of
transmission and generation was necessary to eliminate undue discrimination. In 2000, FERC adopted
Order No. 2000 to encourage vertically integrated utilities to divest operational control over their
transmission systems to Regional Transmission Operators. However, these operators have not been
formed in many states, making Order No. 888 still in effect for wholesale electric markets and
opportunities for undue discrimination continues to exist. Adoption of certain German approaches to
energy regulation and reform may provide some direction to FERC and U.S. regulators.
Keywords: German energy markets, EU regulations, FERC, FERC Orders No. 888 and No. 2000
Abstracts from The Journal of Energy and Development

http://www.scribd.com/doc/25507505/U-S-European-Union-and-German-Energy-Law-Regulation-orFree-Market-by-K-Boesche-and-E-Flippen
Evelyn Dietsche, “Why the Quality of Institutions Is Not a Cure for the ‘Resource Curse’,” The
Journal of Energy and Development, spring 2007, vol. 32, no. 2, pp. 262-282.
Abstract
Institutions have been promulgated as a cure for the fact that many developing countries well endowed
with natural resources have failed to benefit more broadly from the exploitation of this wealth.
Researchers have found that the quality of institutions can explain differences in outcomes across
countries. However the practical implications of this conjecture have not been clear. This article reviews
the recent literature explaining why countries’ institutional quality differs, why bad institutions persist,
and what is known about institutional change. It draws out the challenges for international companies that
consider contributing to institutional capacity building in countries where they operate.
Keywords: institutional development, resource curse, literature review
http://www.scribd.com/doc/25512062/Why-the-Quality-of-Institutions-Is-Not-a-Cure-for-the-ResourceCurse-by-Evelyn-Dietsche
Ahmad A. Slaibi and Steven C. Kyle, “The Macroeconomic Impact of Mineral Revenues on
General Market Equilibrium and Poverty Alleviation in Sub-Saharan Africa,” The Journal of
Energy and Development, spring 2007, vol. 32, no. 2, pp. 283-310.
Abstract
A combination of higher oil production as well as higher oil prices is creating oil revenue windfalls for
some Sub-Saharan African countries. If well managed, these revenues have the potential to reduce
poverty; if not they could lead to Dutch disease and an increase in income inequality. Our research
examines the potential impact of government expenditure on the non-traded sector and its implications on
production and wages in other sectors. It differs from previous research in several ways that more
accurately reflect reality in Sub-Saharan oil exporters. We find that a tariff applied to protect a leading
part of the traded sector could reduce in the short term the negative impact and help raise wages in the
protected sector. However, in the medium term, once learning by doing is introduced, the potential
benefit of the tariff is minimized and in the long term the tariff has a definite negative impact on the
protectable sector.
Keywords: Sub-Saharan oil production, poverty alleviation, oil revenues, Dutch disease, income
inequality, tariffs
http://www.scribd.com/doc/25512160/The-Macroeconomic-Impact-of-Mineral-Revenues-on-GeneralMarket-Equilibrium-and-Poverty-Alleviation-in-Sub-Saharan-Africa-by-A-Slaibi-and-S-Kyle

The Journal of Energy and Development
autumn 2006, volume 32, number 1
http://www.scribd.com/doc/25512243/The-Journal-of-Energy-and-Development-autumn-2006-volume32-number-1

Abstracts from The Journal of Energy and Development

William R. Schrade and W. David Walls, “Holding Companies, Market Liquidity, and the
Development of the Electric Power Industry,” The Journal of Energy and Development, autumn
2006, vol. 32, no. 1, pp. 1-14.
Abstract
This paper presents a view the public utility holding company was a dynamic organization created to
overcome the regulatory and organizational obstacles that hindered consolidation of a fragmented
industry. The pervasive view of holding companies as “vicarious monopolies” largely has dampened
serious study of the holding company as a form of economic organization. This paper is an attempt to
illuminate what has long been overlooked. The authors find that the most significant point in the holding
company form of organization is the incentive to reduce the cost of capital. Financial economies—not the
exercise of market power—led firms in the electricity business to naturally choose holding companies as
their dominant form of organization. This paper presents institutional, historical, and empirical evidence
of the significant contribution that the public utility holding company form of organization had on the
financial development of the electric utility industry.
Keywords: public utility holding companies, utility industry history, economic organization, capital cost
reduction
http://www.scribd.com/doc/25512321/Holding-Companies-Market-Liquidity-and-the-Development-ofthe-Electric-Power-Industry-by-William-R-Schrade-and-W-David-Walls
Jack A. Fuller and Aseem Tiwari, “Reciprocating Engines: A Global Comparative Study as a
Source of Distributed Power Generation,” The Journal of Energy and Development, autumn 2006,
vol. 32, no. 1, pp. 15-24.
Abstract
A primary objective of this research paper was to focus on the application of reciprocating engines in a
wide range of commercial sectors. As part of this paper, data was collected on the number of
reciprocating engines used in three main applications: (1) base load, (2) peaking, and (3) standby. The
base-load application represents continuous operation of engines for more than 4000 hours per year,
whereas peaking applications represent engines operating for less than 4000 hours per year. The standby
application was divided into interconnected and non-interconnected categories. The total number of
engines in each application was then categorized into 48 major and minor commercial sectors. The
study’s results provided significant information on the impact of reciprocating engine technology on
distributed power generation in different commercial sectors. The engine power output in megawatts
(MW) pertaining to each of the three applications was also reported in order to determine the total power
output in gigawatts (GW) generated in every sector.
Keywords: worldwide reciprocating engines, distributed power generation
http://www.scribd.com/doc/25512401/Reciprocating-Engines-A-Global-Comparative-Study-as-a-Sourceof-Distributed-Power-Generation-by-Jack-A-Fuller-and-Aseem-Tiwari
Guy F. Caruso and Susan H. Holte, “Oil and Natural-Gas Markets,” The Journal of Energy and
Development, autumn 2006, vol. 32, no. 1, pp. 25-36.
Abstract
The following paper discusses the forecasts from the U.S. Energy Information Administration’s
Annual Energy Outlook (2007), which includes annual projections of U.S. energy markets, currently to
2030. Based upon the Administration’s assessment, the use of fossil fuels is expected to continue to
dominate U.S. energy markets through 2030. Oil and natural-gas markets are both expected to remain
Abstracts from The Journal of Energy and Development

tight over the next few years although prices for both are likely to decline in real terms as new supplies
become available. Continued strong growth is seen for both fuels; however, total natural-gas demand in
the United States is projected to remain flat in the last decade of the forecast horizon as natural gas loses
market share to coal and, to a lesser extent, nuclear for electricity generation. Increasing prices for both
fuels are likely to encourage alternative fuels and unconventional supplies.
Keywords: U.S. Energy Information Administration, U.S. and world oil and natural gas forecasts
http://www.scribd.com/doc/25512482/Oil-and-Natural-Gas-Markets-by-Guy-F-Caruso-and-Susan-HHolte
Øystein Noreng, “Europe's Natural-Gas Market — Security of Supply and Industry
Restructuring,” The Journal of Energy and Development, autumn 2006, vol. 32, no. 1, pp. 37-58.
Abstract
The present paper aims at discussing the key issues confronting the European Union (EU) in natural
gas policy. First is securing supplies, meaning adequate volumes as well as affordable prices, then
choosing the appropriate regulatory measures to achieve this, including dealing with the industry
structure. Finally, the EU needs to handle relations with the leading sources of natural gas imports,
meaning largely, but not exclusively, Russia, taking their interests also into account.
Keywords: European Union, EU natural gas, natural gas supply, energy security, EU-Russia relations
http://www.scribd.com/doc/25538123/Europe-s-Natural-Gas-Market-%E2%80%94-Security-of-Supplyand-Industry-Restructuring-by-%C3%98ystein-Noreng
Salah Abosedra, Kausik Chaudhuri, and Abdallah Dah, “U.S. Natural-Gas Price Volatility and the
Collapse of Enron,” The Journal of Energy and Development, autumn 2006, vol. 32, no. 1, pp. 59-68.
Abstract
The use of options and other derivatives in energy markets to devise hedging strategies to lower
exposure to risk has increased over the last 20 to 25 years in response to the wave of U.S. deregulations
that started in 1980. Energy market participants realized the importance of such financial instruments,
more so as inventory maintenance is very limited, in stabilizing their cash flow by devising appropriate
hedging strategies in face of the witnessed increased volatility in energy prices in recent years. This
situation became even clearer in the U.S. natural gas market with the price spikes in the 2000-2001 and
the increase of 2002, which followed a brief return to the 1990 level. The goal of this study is to estimate
the price volatility of the U.S. natural gas prices, using daily data for the period 1993-2005, for two
purposes: first, to check whether the changes in volatility are persistent or transitory and second, to check
for any significant change in volatility during the period of the Enron collapse in 2001. Results indicate
the existence of volatility persistence; however, it reduces with the monthly seasonal dummies. The most
striking finding in this study, however, is the decline in volatility persistence in the last sub-period
corresponding to the Enron collapse. This is in contrast to the perceived views that volatility of prices of
natural gas has increased dramatically after the Enron collapse.
Keywords: natural gas, U.S. natural gas price volatility, Enron, commodity markets
http://www.scribd.com/doc/25538260/U-S-Natural-Gas-Price-Volatility-and-the-Collapse-of-Enron-by-SAbosedra-K-Chaudhuri-and-A-Dah
Joseph Wilde-Ramsing and Brian Potter, “Blazing the Green Path: Renewable Energy and StateSociety Relations in Costa Rica,” The Journal of Energy and Development, autumn 2006, vol. 32, no.
1, pp. 69-91.
Abstracts from The Journal of Energy and Development

Abstract
Utilizing Peter Evans’ concept of institutional “embedded autonomy,” this article examines Costa
Rica’s anomalous success with renewable energy. Analysis of the relationship between the Costa Rican
Institute of Electricity and Costa Rican society reveals that the structure of state-society relations is the
source of the country’s exceptional development in the energy sector. Yet the Costa Rica case also
elucidates the need to expand Evans’ notion of embeddedness if comprehensive increases in social
welfare, not just economic growth, are to be achieved. The article explains that state institutions should be
embedded not only among private business interests, but also among other elements of civil society.
Given its institutional success, Costa Rica’s version of embedded autonomy is a model for both
industrialized and industrializing countries seeking to foster a clean, sustainable energy supply as well as
cultivate developmental state-society relations in general.
Keywords: Costa Rica, renewable energy, state-society relations, Costa Rican Institute of Electricity,
embedded autonomy
http://www.scribd.com/doc/25538566/Blazing-the-Green-Path-Renewable-Energy-and-State-SocietyRelations-in-Costa-Rica-by-J-Wilde-Ramsing-and-B-Potter
Michael Ye, John Zyren, and Joanne Shore, “The Disconnect in the Crude-Oil Price and Inventory
Relationship,” The Journal of Energy and Development, autumn 2006, vol. 32, no. 1, pp. 93-104.
Abstract
This paper examines the disconnect between crude-oil prices and inventories. The empirical results
from this study indicate that while, world economic development in the 1990s and 2000s has increased
global demand for crude oil, capacity has not been able to accommodate such high demand, resulting in
little excess capacity. This has created upward pressures on crude-oil prices. As a consequence of this
situation, crude-oil price and inventory have shown an unusual positive relationship. Hence, either
crucial market variables are missing from the existing short-run crude-oil price forecast model and/or the
petroleum market is in a transitional period. The authors suggest several areas for future study in
forecasting short-run oil prices, including the changing role of interest rates, exchange rates, and whether
OECD inventories can be assumed to be representative of world crude-oil inventories as has been held in
crude-oil modeling efforts in the 1990s. The potential role of the financial market and its interaction with
physical markets on crude-oil price also need to be studied.
Keywords: crude oil pricing, oil inventories, forecasting, OECD, financial and physical markets
http://www.scribd.com/doc/25543978/The-Disconnect-in-the-Crude-Oil-Price-and-InventoryRelationship-by-Michael-Ye-John-Zyren-and-Joanne-Shore
Hakan Çentinaş, “Energy Consumption and Economic Growth: The Evidence from Turkey,” The
Journal of Energy and Development, autumn 2006, vol. 32, no. 1, pp. 105-120.
Abstract
In this study, the relationship between energy consumption and economic growth in Turkey is analyzed
employing unit root tests, cointegration and causality tests. Empirical evidence suggests that there is a
unidirectional causality from energy consumption to economic growth and hence in the long term, energy
conservation policies can limit economic growth.
Keywords: energy consumption, economic growth, causality, Turkey
http://www.scribd.com/doc/25544192/Energy-Consumption-and-Economic-Growth-The-Evidence-fromTurkey-by-Hakan-Centina%C5%9F
Abstracts from The Journal of Energy and Development

Hiroyuki Ishida, “An Analysis of Energy Strategies in China and India,” The Journal of Energy and
Development, autumn 2006, vol. 32, no. 1, pp. 121-132.
Abstract
This paper assesses the energy situation, policies, and security strategies of china and India in the
context of the international energy markets. The primary focus has been an assessment of The Five-Year
Plans of China and India, how their energy strategies have affected the performance of the national oil
companies of both countries and international energy markets. The study also has examined the
international energy strategies of the major consuming and producing nations in the context of their
perceptions of the recent (mid-2000s) and planned overseas investments of China and India.
Keywords: China energy strategy, India energy strategy, Asian energy demand, Chinese and Indian
national oil companies, Five-Year Plans
http://www.scribd.com/doc/25557151/An-Analysis-of-Energy-Strategies-in-China-and-India-byHiroyuki-Ishida
Alberto Cisneros-Lavaller, “Latin American Geopolitics vs. Energy Patterns: Ideology, Energy
Production Sustainability, and U.S. Security,” The Journal of Energy and Development, autumn
2006, vol. 32, no. 1, pp. 133-154.
Abstract
This paper evaluates the trend in Latin America towards resource nationalism in the energy sector as
more left-leaning governments have come to power. It analyzes how compatible or incompatible the
new ideological discourse from some populist/leftist regimes vis-à-vis their domestic energy production
sustainability is for the medium and long term and their energy trade with key international partners and
consumers. Venezuela and Bolivia are examined as case studies where ideological changes in
governments have affected energy policies. The impact of Latin American geopolitics on U.S. energy
imports is also examined, along with the evaluation of the potential U.S. vulnerability to oil supply
disruptions from Latin America. The paper concludes that the trend toward resource nationalism raises
political risk, thereby making future foreign investments in these countries less attractive, which could
ultimately be detrimental to overall energy production levels. Over the short term, it is unlikely that there
will be major changes in oil flows from Latin America to the United States; however, the United States
needs to evaluate mid- to long-range energy security strategies to diversify its oil sources and expand risk
management tools such as the Strategic Petroleum Reserve.
Keywords: Venezuela energy sector, Chavez, resource nationalism, Bolivian natural gas, Latin American
geopolitics, U.S. energy imports, U.S. Strategic Petroleum Reserve
http://www.scribd.com/doc/25557389/Latin-American-Geopolitics-vs-Energy-Patterns-Ideology-EnergyProduction-Sustainability-and-U-S-Security-by-Alberto-Cisneros-Lavaller

The Journal of Energy and Development
spring 2006, volume 31, number 2
http://www.scribd.com/doc/25559522/The-Journal-of-Energy-and-Development-spring-2006-volume-31number-2
ZhongXiang Zhang, “The World Bank’s Prototype Carbon Fund and China,” The Journal of
Energy and Development, spring 2006, vol. 31, no. 2, pp. 157-171.
Abstracts from The Journal of Energy and Development

Abstract
Since its inception, the World Bank’s Prototype Carbon Fund (PCF)—the first global carbon fund—
has engaged in a dialogue with China to have it join as a host country. This is because the World Bank
and other donors expect great potential for the clean development mechanism (CDM) in that nation and
perceive the significant need for China to gain more insight into the CDM and to increase its capacity to
initiate and undertake such CDM projects. This paper first discusses why China hesitated to sign up as a
host country of PCF projects until September 2003. Then the paper explains what has led China
eventually to endorse the PCF projects. Finally, the paper ends with discussions on the implications of
the PCF’s offering prices for the emerging global carbon market.
Keywords: carbon prices, carbon market, China, prototype carbon fund, The World Bank, clean
development mechanism (CDM)
http://www.scribd.com/doc/25559850/The-World-Bank%E2%80%99s-Prototype-Carbon-Fund-andChina-by-ZhongXiang-Zhang
Michael D. Williams, “Update on Alaska,” The Journal of Energy and Development, spring 2006,
vol. 31, no. 2, pp. 173-190.
Abstract
The year 2006 was eventful for the state of Alaska as the government changed its production tax on
oil and gas and negotiated a contract to develop the natural gas reserves on Alaska's North Slope. This
paper reviews the new production tax, titled the Petroleum Profits Tax or PPT, and compares it to the
system that was in place that used the Economic Limit Factor or ELF. In addition, the paper reviews
three natural gas development options evaluated by the state, presents the rationale for defining the gas as
“stranded,” and provides a summary of the benefits and costs of implementing the proposed pipeline.
Keywords: Alaskan natural gas reserves, North Slope, Alaskan production taxes
http://www.scribd.com/doc/25561038/Update-on-Alaska-by-Michael-D-Williams
Jack A. Fuller and Aseem Tiwari, “Reciprocating Engines: Their Use as a Source of Distributed
Power Generation in North America,” The Journal of Energy and Development, spring 2006, vol. 31,
no. 2, pp. 191-198.
Abstract
A primary objective of this research paper was to focus on a study of reciprocating engines to
determine the approximate aggregate number operating on the North American continent and their use for
distributed power generation. As part of this project, it was useful to categorize such reciprocating
engines into three main applications: (1) continuous, (2) stand-by, and (3) peaking power. The study’s
results provided significant information on the impact of the reciprocating engine technology on the
distributed power generation market in North America. Market segment information regarding the
various types of installations and applications of the reciprocating engines was gathered, along with the
engine power outputs pertaining to their applications, in order to report the total power (gigawatts)
generation in each output range.
Keywords: distributed power generation, North American power generation, reciprocating engines
http://www.scribd.com/doc/25561090/Reciprocating-Engines-Their-Use-as-a-Source-of-DistributedPower-Generation-in-North-America-by-Jack-A-Fuller-and-Aseem-Tiwari
Abstracts from The Journal of Energy and Development

Yoshikazu Kobayashi, “Energy Security in Northeast Asia,” The Journal of Energy and
Development, spring 2006, vol. 31, no. 2, pp. 199-211.
Abstract
While securing stable oil imports is regarded as the crux of energy security in Northeast Asian (NEA)
countries, energy conservation emerges as another prioritized issue in 2000s. Having common interests,
NEA countries are able to enhance their energy security through cooperative and collective actions,
although political rivalries within the region have hindered such cooperative actions until 2006. In this
regard, interpretation is a key factor in determining the future path of NEA’s energy security.
Overemphasizing national interest and resorting to nationalistic means in energy security could fuel the
other countries’ anxiety and counter-nationalism resulting in less desirable situations. Instead, a liberal
interpretation of the region’s energy issues, or the idea to seek multilateral actions to secure more open
and transparent market and investment framework, could play a key role in enhancing the region’s energy
security by reinforcing a “virtuous” cycle of the region’s economic interdependence and cooperative
actions.
Keywords: Northeast Asian energy security, Asian energy policy, Asian oil imports, energy conservation
http://www.scribd.com/doc/25561185/Energy-Security-in-Northeast-Asia-by-Yoshikazu-Kobayashi
Volkan Ş Ediger and Hüseyin Tathdil, “Energy as an Indicator of Human Development: A
Statistical Approach,” The Journal of Energy and Development, spring 2006, vol. 31, no. 2, pp. 21332.
Abstract
The article discusses the possibility of integrating energy-related indicators into the HDI (Human
Development Index). The authors first recalculated the weights of the HDI to form the MHDI (Modified
Human Development Index) by applying the principal component analyses to the life expectancy,
education, and gross domestic product (GDP) data of 173 countries given in the reports of the United
Nations Development Program. The next step is the formation of an energy (EN) index by composing the
primary energy and electricity consumption indices and the integration of the EN index into the MHDI to
form an energy-adjusted human development index, EHDI. In spite of high correlations among the HDI,
MHDI, and EHDI, considerable changes in ranks occur from the HDI and MHDI to the EHDI. Our main
result is that the most significant factor affecting the rank changes from the MHDI to the EHDI is the
ability of countries to meet their energy requirements. This ability is related either to sufficient domestic
sources or to the economic well-being of the country. However, the approval of the EHDI will depend on
whether or not these factors are considered significant in human development.
Keywords: modified human development index, energy index, energy-adjusted human development
index, U.N. Development Program
http://www.scribd.com/doc/25561275/Energy-as-an-Indicator-of-Human-Development-A-StatisticalApproach-by-Volkan-%C5%9E-Ediger-and-Huseyin-Tathdil
Lykke E. Andersen, Johann Caro, Robert Faris, and Mauricio Medinaceli, “Natural Gas and
Inequality in Bolivia after Nationalization,” The Journal of Energy and Development, spring 2006,
vol. 31, no. 2, pp. 233-59.
Abstract
The high oil prices and the sharp increases in royalties mean that the natural gas boom in Bolivia has
become very important for the economy. This paper uses a computable general equilibrium (CGE) model
Abstracts from The Journal of Energy and Development

to assess the impacts of this boom on key macroeconomic variables as well as the distribution of incomes.
From a macroeconomic perspective, the natural gas boom is a blessing, adding around 1 percentage point
to gross domestic product growth rates for at least a decade and sharply increasing government revenues
available for public spending and investment. However, the poorest segments of the population suffer
actual reductions in their real incomes, compared to the counterfactual scenario without the gas boom.
This means that the natural gas boom not only causes an increase in inequality but also an increase in
poverty. The paper finishes with some policy recommendations on how to counteract the negative side
effects of the natural gas boom.
Keywords: Bolivian natural gas, Bolivian economy, computable general equilibrium model, income
distribution
http://www.scribd.com/doc/25561463/Natural-Gas-and-Inequality-in-Bolivia-after-Nationalization-byLykke-E-Andersen-Johann-Caro-Robert-Faris-and-Mauricio-Medinaceli
Abbas Valadkhani, “Macroeconomic Modeling in an Oil-Exporting Country: The Case of Iran,”
The Journal of Energy and Development, spring 2006, vol. 31, no. 2, pp. 261-82.
Abstract
The critical review undertaken in this paper discusses some of the major deficiencies and the
strength of the earlier macroeconometric models (MEMs) constructed for Iran as a typical oil-exporting
country. In constructing a new MEM, the flaws of past MEMs should be rectified and their strengths
need to be retained. Most equations in these models are directly and indirectly affected by petrodollars
generated by an enclave oil sector. Similar to the MEMs constructed for other developing countries, only
a few models have been subject to various parametric and diagnostic tests prior to their release. In future
MEMs, substantial attention should be placed on the equations for capital formation, wage,
unemployment, channels of distribution, and demographic characteristics. The majority of the earlier
models suffered from excessive "Keynesianism," which means the modelers gave insufficient attention to
the role of the supply side in the long run.
Keywords: macro-economic modeling of Iran, macroeconometric models for oil-exporters
http://www.scribd.com/doc/25561553/Macroeconomic-Modeling-in-an-Oil-Exporting-Country-TheCase-of-Iran-by-Abbas-Valadkhani
Carlos Rodríguez Monroy and Antonio San Segundo Hernández, “Main Issues in Financing
Electrification Projects in Rural Areas,” The Journal of Energy and Development, spring 2006, vol.
31, no. 2, pp. 283-94.
Abstract
This paper looks at the main issues in financing electrification projects in rural areas and their longterm sustainability. Through an extensive survey process, most respondents think that renewable energy
funds are the preferred solution to deal with renewable projects from an upstream perspective, but there
are important differences toward more innovative ways of financing. The role of different agents,
including NGOs and the private sector, is also analyzed. This article suggests that carefully designed
financial services oriented to the poor and public-private partnerships can help in the widespread
dissemination of decentralized electricity.
Keywords: rural electricity, financing electrification projects, sustainability, decentralized electricity

Abstracts from The Journal of Energy and Development

http://www.scribd.com/doc/25561830/Main-Issues-in-Financing-Electrification-Projects-in-Rural-Areasby-Carlos-Rodriguez-Monroy-and-Antonio-San-Segundo-Hernandez
]

The Journal of Energy and Development
autumn 2005, volume 31, number 1
http://www.scribd.com/doc/25588932/The-Journal-of-Energy-and-Development-autumn-2005-volume31-number-1
Paul J. Stevens, “‘Resource Curse’ and How to Avoid It,” The Journal of Energy and Development,
autumn 2005, vol. 31, no. 1, pp. 1-20.
Abstract
The article addresses the phenomenon of “resource curse” as it affects countries that are
dependent upon hydrocarbon and mineral exports. After discussing the concept of “resource curse” and
its origins, the paper considers the experience of those nations that the literature asserts avoided a “curse”
and secured, instead, a “blessing.” The article determines empirically whether these countries did,
indeed, benefit from oil, gas, and mineral projects and on what basis a judgment can be made. It then
considers in detail what economic policies were applied and why those policies were pursued. Four case
studies are used: Botswana, Chile, Indonesia, and Malaysia. The study concludes that some countries
actually did benefit and that the secret to success lies in whether the states are “developmental” or
“predatory.”
Keywords: resource curse, hydrocarbon development, Botswana, Chile, Indonesia, Malaysia
http://www.scribd.com/doc/25654749/Resource-Curse-and-How-to-Avoid-It-by-Paul-Stevens
Øystein Noreng, “The Rise of Asia and the Restructuring of International Oil Trading: NeoMercantilism versus Globalization?” The Journal of Energy and Development, autumn 2005, vol. 31,
no. 1, pp. 21-42.
Abstract
Initiatives by China and India to secure energy supplies above the market indicate that supply security
again is a critical concern for imperfect oil markets and oil supply risks. China’s strategy is based on
comprehensive deals involving investment capital, oil and natural gas supplies, and industrial exports.
Iran is the first case, concluding major deals with China; among other targets are Angola, Sudan, and
Venezuela. The effects of rising Asian demand for Middle Eastern oil pulls oil prices by intensifying
competition for supplies, thus strengthening the bargaining position of the major oil exporters. The
autumn 2004 agreement between China and Iran heralds a historical shift in oil-trading patterns, with the
emergence of a new energy mercantilism characterized by close links between governments and
companies and the active use of state-owned enterprises to promote strategic national interests. The
rationale is to offset energy dependence with more comprehensive economic relations, letting industrial
exports pay for oil and natural gas imports and secure long-term supplies. The lesson is that oil with a
secure supply has a value above the market price; eventually, this also applies to natural gas. The global
impact of government-to-government deals on oil and natural gas is to compartmentalize international oil
trade, reserving volumes for selected buyers, and withholding oil and natural gas from open market
trading.

Abstracts from The Journal of Energy and Development

Keywords: oil supply security, China energy demand, India energy demand, energy dependence,
imperfect oil markets, Iran, Sudan, Angola, Venezuela, natural gas
http://www.scribd.com/doc/25655246/The-Rise-of-Asia-and-the-Restructuring-of-International-OilTrading-Neo-Mercantilism-versus-Globalization-Dr-Noreng
T. V. Ramachandra, Yves Loerincik, and B. V. Shruthi, “Intra- and Inter-Country Energy
Intensity Trends,” The Journal of Energy and Development, autumn 2005, vol. 31, no. 1, pp. 43-84.
Abstract
Energy is essential for economic and social development of a region or a country. Trends in overall
energy use relative to gross domestic product (GDP) indicate the general relationship of energy
consumption to economic development and provide a rough basis for projecting energy consumption and
its environmental impacts with economic growth. For energy policy making, sectoral or sub-sectoral
energy intensities would be useful as energy intensity indicates the total energy being used to support
economic and social activity. It represents an aggregate of energy consumption resulting from a wide
range of production and consumption activities. The energy consumption per GDP for the energy sector
gives the efficiency. This paper presents intra- and inter-country trends in energy intensities by
comparing the energy consumption per capita and energy consumption per GDP for various nations. This
energy analysis highlights the scope for energy conservation globally, especially in developing countries.
Keywords: energy intensities, energy consumption per capita, energy consumption and GDP
http://www.scribd.com/doc/25656504/Intra-and-Inter-Country-Energy-Intensity-Trends
Matthew R. Auer, “Foreign Aid to Promote Energy Efficiency in Mexico: An Institutional
Analysis,” The Journal of Energy and Development, autumn 2005, vol. 31, no. 1, pp. 85-100.
Abstract
Due to lag effects and the lack of proximity to final results, the performance of foreign aid involving
technical assistance and training (TA/T)—for example, vocational training of energy managers—is often
more challenging to evaluate than are results of large, capital-intensive aid projects due. Nevertheless,
conventional deficiencies of capital-intensive aid, such as moral hazard, adverse selection, fungibility, and
dependency are potentially salient in TA/T projects, and these problems should be detectable in the latter.
The principal case to test this thesis is an evaluation of a nine-year U.S. aid project that promoted energy
efficiency in Mexico. In part because the project was knowledge-intensive rather than capital-intensive
and due to the contractor's careful management of project details, the problems of moral hazard, adverse
selection, and fungibility were relatively insignificant. However, the contractor's major roles in project
implementation and administration inadvertently fostered dependency.
Keywords: Mexico energy, energy efficiency in Mexico, U.S. aid to Mexico, technical assistance and
training
http://www.scribd.com/doc/25656626/Foreign-Aid-to-Promote-Energy-Efficiency-in-Mexico-AnInstitutional-Analysis-by-M-Auer
Bin Shui and Robert Harriss, “Carbon-Dioxide Embodiment in North American Trade,” The
Journal of Energy and Development, autumn 2005, vol. 31, no. 1, pp. 101-110.
Abstract
Abstracts from The Journal of Energy and Development

The quantification and allocation of responsibility for atmospheric carbon dioxide (CO2) sources and
sinks are essential to developing effective strategies for responding to the threat of human-induced
climate change. Recent studies have documented the growing importance of the international trade of
goods as a factor that complicates assessments of a country’s CO2 emissions. In this paper, we have
estimated CO2 embodied in goods associated with North American trade. The net effect of producing
goods for export in the year 2000 was to increase the relative responsibility for CO 2 by 11 percent in
Mexico and 9 percent in Canada. In the United States, a benefit of a 2 percent reduction in reported
national emissions of CO2 results from the consumption of goods imported from Mexico and Canada.
This study illustrates the equity and accounting issues that will complicate the design and implementation
of long-term strategies to mitigate CO2 emissions in a global economy.
Keywords: carbon dioxide emissions, climate change issues, international trade and emissions, North
American trade
http://www.scribd.com/doc/25664122/Carbon-Dioxide-Embodiment-in-North-American-Trade-B-ShuiR-Harriss
Julie A. Urban, “New Age Natural-Gas Pricing,” The Journal of Energy and Development, autumn
2005, vol. 31, no. 1, pp. 111-124.
Abstract
There is mounting evidence that the United States has entered a new era of natural-gas pricing. The
price of U.S. wellhead natural gas more than doubled from a 1999 average of $2.19 to $5.77 per 1,000
cubic feet in December 2000. Wholesale natural gas prices exceeded $15 per million British thermal
units in early December 2005, seven times the prices commonly experienced during the 1990s. Although
prices have dropped since December 2005, the monthly average wellhead price has been above $5 per
1,000 cubic feet since January 2004. This paper describes five major forces that are likely to support this
new escalated price level: continued decrease in domestic production; a drop in pipeline imports; lack of
capital infrastructure to expand liquefied natural gas imports; increased gas-fired power generation; and
increased world demand, especially from such potential consumption giants as India and China.
Keywords: natural-gas pricing, natural gas demand, U.S. natural gas supply and pricing
http://www.scribd.com/doc/25664300/New-Age-Natural-Gas-Pricing-by-Julie-A-Urban
Daniel Romo, Sergio Galina, and Alfonso Pérez, “Could Mexico Be an Important Source of
Uncertainty for Oil Markets? Recent Trends in PEMEX Investment Projects,” The Journal of
Energy and Development, autumn 2005, vol. 31, no. 1, pp. 125-137.
Abstract
Mexico is one of the world’s largest oil exporters, and it has a strategic role as a supplier in North
America. However, the state company, Petróleos Mexicanos (PEMEX) has been under financial
constraints over the past two decades (1980s and 1990s). It is close to entering a financial crisis due to
the large debt accumulated over in recent years (1997-2005). In the near future, Mexico may no longer be
able to increase its oil output due to the decline of its major fields and insufficient investments in
exploration and production activities. The country could reduce its oil exports and become a net oil
importer some time in the following 10 years. If this happens, the impact in the oil market will be
significant not only because of the thin world supply demand equilibrium but also that it could occur in a
place as geopolitically secure as Mexico.

Abstracts from The Journal of Energy and Development

Keywords: Mexican oil exports, PEMEX, Mexican energy policy, oil investment, Mexican oil resource
base
http://www.scribd.com/doc/25664474/Could-Mexico-Be-an-Important-Source-of-Uncertainty-for-OilMarkets-Recent-Trends-in-PEMEX-Investment-Projects

The Journal of Energy and Development
spring 2005, volume 30, number 2
http://www.scribd.com/doc/25668258/The-Journal-of-Energy-and-Development-spring-2005-volume-30number-2
Philip H. Stark and Kenneth Chew, “Global Oil Resources: Issues and Implications,” The Journal
of Energy and Development, spring 2005, vol. 30, no. 2, pp. 159-170.
Abstract
This paper examines some of the issues related to global liquids volumes in order to determine if there
are sufficient resources to meet the Energy Information Administration’s demand forecast of 120.9
million barrels per day by 2025. This forecast requires a 51-percent or an increase of 41 million barrels
per day of oil production from the 2003 levels. Some of the significant factors that will dictate the
outcome are discussed in this paper, including international reserves reporting, growth in exploration and
new field discovery, the production of Canadian oil sands and Venezuelan extra-heavy oil resources
through new technology, and access to the estimated 1,064 billion barrels of conventional oil resources in
the Middle East. The authors suggest that the existing economies of scale and infrastructure in the Middle
East appear to offer the most expedient path to grow capacity by 41 million barrels per day, but elevated
security and political risks present a substantial impediment.
The estimated global recoverable resource base appears to be adequate to support the supply of
120.9 million barrels per day by 2025. Meeting this forecast involves resources, timing, technologies,
and policies that will direct the flow of investments toward accessible resources capable of delivering the
required producing capacity.
Keywords: global oil reserves, heavy oil, oil sands, oil forecasts
http://www.scribd.com/doc/25710855/Global-Oil-Resources-Issues-and-Implications-P-Stark-K-Chew
Robert E. Looney, “A Dual-Track Development Strategy for Saudi Arabia,” The Journal of Energy
and Development, spring 2005, vol. 30, no. 2, pp. 171-186.
Abstract
In recent years the “resource curse” phenomenon surrounding oil-rich developing countries has been
the focus of much speculation. Is poor economic performance inevitably the cost of resource abundance?
This paper argues that this need not be the case. The key is to invigorate the nonoil economy through a
controlled strategy of diversification, modernization, and increased competitiveness across the whole
spectrum of private establishments. To complement progress in these areas, development strategies are
suggested that are likely to further enhance the Kingdom’s employment creation potential through
shifting resources towards those sectors with the highest job creation potential. Two critical components
of this strategy are the adoption of: (a) an infrastructure-led development to open up a number of
profitable areas of investment, while stimulating increased entrepreneurship; and (b) a dual-track
Abstracts from The Journal of Energy and Development

development strategy with a focus on small-and medium-sized enterprises (SMEs) second track to
complement the country’s first track — its traditional oil-based development model.
Keywords: Saudi Arabian economic development, private-sector job growth
http://www.scribd.com/doc/25711684/A-Dual-Track-Development-Strategy-for-Saudi-Arabia-by-RLooney
Mohamed A. Ramady and Mohamed Al-Sahlawi, “Education as a Force for Economic Change in
an Oil-Based Economy: A Case Study of Saudi Arabia,” The Journal of Energy and Development,
spring 2005, vol. 30, no. 2, pp. 187-206.
Abstract
This study examines the current Saudi Arabian education policy and how it is adapting to the future
needs of the Kingdom in view of the government’s policy for the private sector to assume the major role
in the economy. The objective is to reduce Saud Arabia’s dependency on one major and sometimes
erratic source of revenues — oil. As the population has grown faster than oil revenues and labor
productivity has not kept pace with private-sector market forces, educational standards will have to rise to
compensate. While there has been quantitative growth in educational levels of both males and females in
Saudi Arabia, the current educational patterns and job creation are under strain.
Keywords: Saudi Arabia, education, private-sector growth, population growth, labor productivity
http://www.scribd.com/doc/25711936/Education-as-a-Force-for-Economic-Change-in-an-Oil-BasedEconomy-A-Case-Study-of-Saudi-Arabia-M-Ramady-M-Al-Sahlawi
Raja J. Chelliah, Rita Pandey, and U. Sankar, “Pricing Coal Ash for Environmental Protection,”
The Journal of Energy and Development, spring 2005, vol. 30, no. 2, pp. 207-221.
Abstract
Indian coal contains 30-40 percent ash (on average), which is far higher than in many other countries.
Coal ash has serious implications for air, water, and land pollution. Even though the problem is well
recognised, there is no incentive for coal washing with the exception of a poorly enforced government
regulation, which stipulates that the coal should be washed whenever the distance between the mine and
the end user is more than 1000 kilo-meters. However, in reality, coal washing has not kept pace with the
targets for the construction of washing capacity for non-coking coal. This paper illustrates how to design
and implement an input tax to incentivise the demand for and supply of coal containing low ash content,
when measurement of emissions from coal combustion is both difficult and costly, and there are legal and
institutional obstacles to introducing a quantity-based instrument such as tradable permits. The tax on coal
can be made rebatable in a VAT system if the power plant has control devices to reduce pollution to the
permissible level.
Keywords: Indian coal, Indian pollution, coal ash, coal washing, tax policy
http://www.scribd.com/doc/25713632/Pricing-Coal-Ash-for-Environmental-Protection-R-J-Chelliah-RPandey-U-Sankar
A. F. Alhajji, “Three Decades after the Oil Embargo: Was 1973 Unique?” The Journal of Energy
and Development, spring 2005, vol. 30, no. 2, pp. 223-237.
Abstract
Abstracts from The Journal of Energy and Development

This article investigates whether the October 1973 oil embargo defies the conventional wisdom that
economic sanctions fail to achieve their objectives. It summarizes the embargoes of 1956, 1967, and
1973, evaluates their successes and failures, and evaluates the factors that contributed the presumed
success of the 1973 action. The paper suggests that several political, economic, and technical factors
made the 1973 embargo unique. This combination of elements allowed the impact of the 1973 action to
appear much larger than it actually was and contributed to the misperception that the “oil weapon” was
successful. These factors included lower excess production capacity while demand was increasing, the
concentration of excess capacity in the Middle East, lower excess tanker capacity, nationalization of the
IOCs’ assets, government price controls in the consuming countries, and higher inflation and lower real
interest rates in the importing nations that increased speculation and stockpiling. However, among all of
these factors, U.S. price controls and the entitlement program may have played a significant role in
increasing demand, increasing imports, and consequently raising the price of oil to unprecedented levels.
The most significance difference between the 1973 embargo and the two earlier oil embargoes is that it
was associated with production cuts. Output cuts contribute to higher prices, but they do not force
targeted countries to change their behavior. The uniqueness of the 1973 events makes it highly unlikely
that any future oil embargo would have the same impact as that of October 1973.
Keywords: 1973 oil embargo, oil weapon, oil and politics, Middle East capacity
http://www.scribd.com/doc/25713938/Three-Decades-after-the-Oil-Embargo-Was-1973-Unique-A-FAlhajji
Himanshu A. Amarawickrama and Lester C. Hunt, “The Sri Lankan Electricity Supply Industry:
A Critique of Proposed Reforms” The Journal of Energy and Development, spring 2005, vol. 30, no.
2, pp. 239-278.
Abstract
In 2002 the government of Sri Lanka proposed power-sector policy guidelines for the first time in its
history in order to facilitate the restructuring of the sector. This paper attempts to critically examine and
appraise the government’s proposals with suggestions for improvements. The methodology employed is
to first examine the requirements of the Sri Lankan power sector by analyzing the current problems that
the power sector faces and to empirically estimate electricity demand to identify the future consumption
and capacity expansion needs of the sector. Secondly, it is assessed to what extent the proposed reforms
address the requirements of the sector identified above. Finally, alternative proposals are introduced in
order to address the identified flaws in the current proposed reforms.
Keywords: developing countries, electricity supply industry, power policy, Sri Lanka
http://www.scribd.com/doc/25714221/The-Sri-Lankan-Electricity-Supply-Industry-A-Critique-ofProposed-Reforms-H-Amarawickrama-L-Hunt
Abbas A. Al-Mejren, “Upstream Privatization: Issues and Arguments.” The Journal of Energy and
Development, spring 2005, vol. 30, no. 2, pp. 279-298.
Abstract
This paper discusses and evaluates some of the most controversial issues and arguments that encircle
privatization of upstream oil industries. Such significant issues include the suspected conflict between
privatization and the state sovereignty doctrine, the potential impacts of WTO and new international
investment treaties on the ability of host countries to control their own natural resources, the efficiency
argument in the case of upstream activities, the deficiency of the domestic legal set-up, and the
inadequacy of domestic capital market. From the course of the discussion, the paper attempts to draw
propositions and remarks.
Abstracts from The Journal of Energy and Development

Keywords: upstream oil industry, privatization, state sovereignty doctrine, World Trade Organization
(WTO), domestic capital markets
http://www.scribd.com/doc/25714438/Upstream-Privatization-Issues-and-Arguments-by-A-Al-Mejren

The Journal of Energy and Development
autumn 2004, volume 30, number 1
http://www.scribd.com/doc/25715060/The-Journal-of-Energy-and-Development-autumn-2004-volume30-number-1
Robert S. Pindyck, “Volatility in Natural Gas and Oil Markets,” The Journal of Energy and
Development, autumn 2004, vol. 30, no. 1, pp. 1-20.
Abstract
The author uses daily futures price data to examine the behavior of natural gas and crude-oil price
volatility in the United States since 1990. Pindyck tests whether there has been a significant trend in
volatility, whether there was a short-term increase in volatility during the time of the Enron collapse, and
whether natural gas and crude-oil price volatilities are interrelated. This article also measures the
persistence of shocks to volatility and discuss its implications for gas- and oil-related contingent claims.
Keywords: volatile oil prices, volatile natural gas prices, Enron collapse, market shocks, oil futures,
natural gas futures
http://www.scribd.com/doc/25722751/Volatility-in-Natural-Gas-and-Oil-Markets-Robert-S-Pindyck
Guy F. Caruso and Linda E. Doman, “International Energy Outlook 2004 and Projections to
2025,” The Journal of Energy and Development, autumn 2004, vol. 30, no. 1, pp. 21-44.
Abstract
This paper presents the outlook for worldwide energy markets through 2025 based on the Energy
Information Administration’s, International Energy Outlook 2004 (IEO2004). In the 2004 report, world
energy use is expected to increase by 54 percent according to the reference case projection. Gross
domestic product is a major driver of the forecast, but it is also a major source of uncertainty, so the
authors present the high- and low-economic growth case results to quantify this uncertainty. The
IEO2004 expects that much of the energy demand growth over the next two decades will be met with
fossil fuels and that there are sufficient fossil-fuel resources to meet energy demand through 2025. Oil is
expected to be the dominant primary energy source over the next 20 years, in large part because of rising
transportation energy usage, where there are few economically competitive alternatives to oil today. The
paper also provides forecasts for natural gas and for coal. The authors present the forecast for world
electricity demand and discuss the energy sources used for future electricity generation. The paper ends
with a look at carbon dioxide emissions that would result from the forecasts for fossil-fuel use in the
reference case.
Keywords: Energy Information Agency, 2004 energy forecasts, GDP, fossil fuel dominance, electricity
demand, CO2 emissions
http://www.scribd.com/doc/25724412/International-Energy-Outlook-2004-and-Projections-to-2025
Abstracts from The Journal of Energy and Development

Gawdat G. Bahgat, “Energy Security in a New World Order,” The Journal of Energy and
Development, autumn 2004, vol. 30, no. 1, pp. 45-52.
Abstract
Oil policy is shaped by economic interests as well as strategic considerations. In response to
rising political instability in the Middle East since the early 2000s, major industrialized countries have
sought to reduce their oil dependence on supplies from the region and, instead, develop deposits in other
areas, particularly Russia and the Caspian Sea. This study argues that production from these two regions
is restrained by geological, economic, and political hurdles. Furthermore, the proposition that one
supplier can replace another one is a wrong proposition. Today’s well-integrated global oil market
suggests that availability of oil supplies, not the source of supplies, is the main factor to ensure energy
security.
Keywords: energy security, political instability, oil dependence, Russian oil production, Caspian Sea oil,
Middle East oil, supply availability
http://www.scribd.com/doc/25773015/Energy-Security-in-a-New-World-Order-by-Gawdat-Bahgat
Øystein Noreng, “Oil, the Euro, and the Dollar,” The Journal of Energy and Development, autumn
2004, vol. 30, no. 1, pp. 53-80.
Abstract
The main argument is that the choice of currency for oil trading matters in an imperfect market, at
least in the short run. Oil prices move differently in different markets as shown by contrasting price paths
over the 2001-2004 period in U.S. dollars and in euros, as oil prices have risen markedly when
denominated in U.S. dollars. However, the dollar price increase barely makes up for the depreciation
against the euro, so that oil prices denominated in euros declined slightly until the spring of 2004.
According to economic theory, the choice of currency should not matter for oil trading, assuming a
perfectly competitive oil market. In perfect markets, prices would adjust instantly to exchange-rate
fluctuations, so that compensatory price movements in other currencies would offset the rise or decline of
one currency, at least as far as the currencies of the major countries are concerned. Evidence is that
currencies and exchange rates do matter for oil prices. Pricing oil in the U.S. dollar but apparently
making the calculations in a basket of currencies or in the euro seems to have been the case since 2002.
The mere prospect of oil prices being calculated in euros presents a challenge to the U.S. position held in
international economic relations since 1945. In this context, oil pricing is a risk factor; any further
depreciation of the dollar to the euro would result in rising oil prices and a higher trade deficit, which in
turn might cause a further slide in the dollar against the euro. This could lead to a vicious circle of rising
dollar-denominated oil prices, rising deficits, and a depreciating dollar, which could be broken most likely
by high U.S. interest rates and a severe recession.
Politics add to structural economic forces. In
many quarters in Asia, Europe, and elsewhere, the 2003 Iraq War has intensified a political desire to
curtail the power of the United States, eventually by hitting the dollar hegemony. Pricing at least part of
international oil trade in euros would influence significantly the balance between the dollar and the euro
in international transactions.
Keywords: oil pricing and currency, U.S. dollar and Euro exchange rate, dollar-denominated oil pricing
http://www.scribd.com/doc/25773343/Oil-the-Euro-and-the-Dollar-by-Dr-%C3%98ystein-Noreng

Abstracts from The Journal of Energy and Development

Sharif Ghalib, “OPEC Versus Non-OPEC,” The Journal of Energy and Development, autumn 2004,
vol. 30, no. 1, pp. 81-90.
Abstract
The paper addresses the financial prospects of 17 major oil exporters in the context of possible
global oil market weakness during the medium-term horizon. That weakness could put renewed
downward pressure on oil prices, potentially straining the relations between members of the Organization
of the Petroleum Exporting Countries (OPEC), led by Saudi Arabia, and their principal competitors
among the non-OPEC oil producers led by Russia. The paper concludes, however, that a prolonged price
war between the two groups of countries is highly unlikely during the medium-term future because very
few oil exporters have accumulated sufficiently large reserve cushions of external financial assets
necessary to withstand a price war without severely harming domestic economic and social development
plans.
The paper finds that the vast majority of oil producers require an oil export price—in terms of
domestic grades—of at least $19 to $20 per barrel just to balance the current account of their balance of
payments, assuming crude oil exports volumes at roughly the average of 2002-2003, and the exertion of
only modest government efforts to contain growth of domestic budget spending. It also calculates the
“minimum balancing oil price” for the current accounts of OPEC states and non-OPEC producers.
Keywords: OPEC, oil production, Saudi Arabia, Russia Norway, Nigeria, Mexico, oil pricing
http://www.scribd.com/doc/25773614/OPEC-Versus-Non-OPEC-by-Sharif-Ghalib
M. Nagy Eltony, “A Model for Forecasting and Planning: The Case for Energy Demand in
Kuwait,” The Journal of Energy and Development, autumn 2004, vol. 30, no. 1, pp. 91-108.
Abstract
This paper contains a discussion of the Kuwait energy demand model and its simulation under
various scenarios. It also discusses the simulation results and their policy implications. The model was
estimated for the 1980-2000 time period and the simulation for 2000-2010 time period. The simulation
results indicate that if energy prices remain the same and the economy grows conservatively at 1.5
percent annually, the consumption of all the sectors will continue growing for years to come.
On the other hand, an increase in energy prices will lead to a significant reduction in all fuel type
consumption. The results also show that pricing of energy should be conducted in a comprehensive
manner, i.e., all the energy types must be subjected to the same price changes, otherwise interfuel
substitution will occur and the end result will not necessarily be desirable.
The results reveal that the long-run energy savings will come mainly from the residential,
transportation, and commercial sectors. Furthermore, interfuel substitution will occur primarily in the
industrial sector (particularly in the electricity generation industry) where natural gas is substituted for oil
products.
Keywords: Kuwait energy demand, energy forecasting and simulation, fuel substitutions
http://www.scribd.com/doc/25774801/A-Model-for-Forecasting-and-Planning-The-Case-for-EnergyDemand-in-Kuwait-M-N-Eltony
Kurt S. Abraham, “Global Upstream Forecast and U.S. Coalbed Methane Outlook,” The Journal of
Energy and Development, autumn 2004, vol. 30, no. 1, pp. 109-122.
Abstract
This article describes the latest spending levels and drilling trends for the global oil and gas
exploration and production (E&P) market. Worldwide expenditures for E&P projects will increase 6
Abstracts from The Journal of Energy and Development

percent or more during 2004, while the number of wells will jump at least 15 percent within the United
States and increase about 3 percent outside the United States. Although global offshore drilling will rise
4 percent, the outlook for the U.S. Gulf of Mexico is not nearly as robust. Activity in this region is
impacted by two significant factors: (1) major oil companies have underspent their budgets during the
first half of 2004 and (2) the U.S. Environmental Protection Agency did not do a good job of informing
operators about new rule changes for the Gulf. Hence, some oil companies have had to scramble to adjust
to and accommodate the new rules. Outside the United States, nearly every region will post modest-tolarge drilling increases, with the exception of Western Europe.
The second half of this article describes the evolution and progress of the U.S. coalbed methane
(CBM) industry. As predicted by the U.S. Geological Survey, CBM is the best source of energy to meet
incremental U.S. natural gas demand over the next five to six years. Recent governmental estimates put
CBM production at about 9 percent of total U.S. gas output. A 2004 World Oil survey indicated that
major and independent drillers plan to drill 45 percent more CBM wells during 2004 than in 2003.
Colorado and Wyoming will be the largest states for CBM drilling, with New Mexico, Alabama,
Oklahoma, West Virginia, and Kansas also playing noticeable roles.
Keywords: global oil drilling forecast, U.S. coalbed methane, upstream energy investment
http://www.scribd.com/doc/25775646/Global-Upstream-Forecast-and-U-S-Coalbed-Methane-Outlook-KAbraham
Alberto Cisneros Lavaller, “OPEC: Behavior Cycles, Compliance, and Policy Change,” The
Journal of Energy and Development, autumn 2004, vol. 30, no. 1, pp. 123-142.
Abstract
This analysis reviews the recent history of export volumes, prices, and revenues of the
Organization of the Petroleum Exporting Countries (OPEC). An overview of cyclical trends in the
organization’s behavior indicates that changes on the current price defense strategy could materialize
anytime in the near future. Since its creation, OPEC has witnessed six different cycles of behavior based
on those three factors (volumes, prices, and revenues). The work also revisits countries’ production
behavior in compliance with OPEC accords to reinforce the analysis.
Using Algeria, Iraq, and Venezuela as significant “case studies,” the analysis previews the
eventual future production increases of those countries within two divergent OPEC scenarios for the midterm: from re-accommodation to a free-for-all type of policy.
Since 1998 OPEC established a market equilibrium policy, which transformed itself recently into
a price defense strategy. One of the main contentions of the paper is that OPEC may again shift to a cycle
of behavior that would coincide with the key players of long-term interests. In conclusion, a change of
policy in OPEC is viable because it is possible to achieve comparable revenue with a combination of
larger output volumes and much more moderate prices than we currently have in 2004.
Keywords: OPEC behavior, oil pricing, Algeria, Iraq, Venezuela
http://www.scribd.com/doc/25776211/OPEC-Behavior-Cycles-Compliance-Policy-Change-A-CisnerosLavaller

The Journal of Energy and Development
spring 2004, volume 29, number 2

Abstracts from The Journal of Energy and Development

http://www.scribd.com/doc/25778029/The-Journal-of-Energy-and-Development-spring-2004-volume-29number-2
Sergio Galina, Daniel Romo, Alfonso Pérez, “Mexico in the Context of the 2003 International
Energy Crisis,” The Journal of Energy and Development, spring 2004, vol. 29, no. 2, pp. 159-169.
Abstract
Mexico is a major oil and gas producer and has the potential to increase its regional role, but it also has
certain internal issues to resolve in order to develop a vigorous oil sector that can keep up with the
increasing domestic energy demand and still be able to enhance its exports, particularly within North
America. This paper discusses some of the main challenges the Mexican energy sector has to overcome
in order to make the country capable of dealing with the foreseeable increase in domestic demand and
exports. Topics assessed by the authors include Pemex’s expenditures and planned investments, longterm productive infrastructure projects (Pidieregas), multiple service contracts that are proposed to boost
upstream activities in the natural gas sector, and energy sector reform. The authors present two case
scenarios and conclude that while Mexico has an enormous hydrocarbon production potential, the sector
is in urgent need of energy reform that would grant the national energy companies the managerial and
financial autonomy to develop and finance the sector using their own resources or through joint-venture
partnerships. Mexico may face an energy crisis if the national energy companies keep operating in an
overregulated environment and a lack of financing prevents the development of key projects.
Keywords: Mexican oil and natural gas production, Pemex, energy policy, energy reforms, energy
financing, domestic oil and gas demand, oil and gas exports
http://www.scribd.com/doc/25778656/Mexico-in-the-Context-of-the-2003-International-Energy-Crisis-SGalina-D-Romo-A-Perez
Kurt S. Abraham, “2003 Oil and Gas Industry Forecast,” The Journal of Energy and Development,
spring 2004, vol. 29, no. 2, pp. 171-186.
Abstract
This article evaluates the expected upstream energy spending levels and drilling activities for 2003.
The forecasts used in this paper are based on internally generated data, surveys, and input by regular
contributors to World Oil. Areas of focus include upstream energy investments in North America and an
analysis of world drilling outlook. The drilling activities for 60 different countries are evaluated along
with regional upstream summaries for North America, South America, Western Europe, the former Soviet
Union, Africa, Eastern Europe, the Far East, and the South Pacific. Angola’s upstream energy potential is
discussed.
Keywords: North American upstream energy spending, world drilling activities, Angola oil and gas
http://www.scribd.com/doc/25779248/2003-Oil-and-Gas-Industry-Forecast-by-Kurt-Abraham
Øystein Noreng, “A Road Bump or Different Highways? The United States and Europe over Iraq
and the Middle East,” The Journal of Energy and Development, spring 2004, vol. 29, no. 2, pp. 187208.
Abstract
This papers looks at the motivations behind the war in Iraq (2003) and how the U.S. government’s
interests in Iraq were at odds with those of many European nations. Iraq is a strategic prize and key to the
Middle East with an educated population, central geographical position, and the second largest oil
Abstracts from The Journal of Energy and Development

reserves in the world. The author examines the competing and conflicting interests of the world’s super
powers over Iraq. The major interests of the United States in Iraq included removing Saddam Hussein,
gaining physical control of the country to secure access to oil and markets, gaining a military foothold in
the Middle East, and protecting Israel’s security. For France and Russia, the major opponents of U.S.
warfare in Iraq, the major preoccupation is avoiding U.S. dominance of the Middle East through the
control over Iraq, its oil interests, and Middle East stability. This paper examines the unforeseen
consequences and major risks of U.S. military involvement in Iraq and the costs of an extensive U.S.
occupation of the country. The author undertakes an in-depth analysis of the role of oil as a major factor
in the U.S. agenda in Iraq, rather than the openly stated rationale of elimination of weapons of mass
destruction. Other consequences of U.S. military actions and occupation in Iraq are outlined, including
U.S. unilateralism, raising the risk of terrorism, increasing destabilization and fragmentation of Iraq,
expanding Iranian power in Iraq, and increasing regional instability. The conclusion is that while the Iraq
War may have shown military strength by the United States, the longer-term political, reputational, and
economic costs were significant.
Keywords: Iraq War, war for oil, consequences of Iraq War
http://www.scribd.com/doc/25779605/A-Road-Bump-or-Different-Highways-The-United-States-andEurope-over-Iraq-and-the-Middle-East-Dr-Noreng
A. F. Alhajji, “U.S. Energy Policy and the Invasion of Iraq: Does Oil Matter?” The Journal of
Energy and Development, spring 2004, vol. 29, no. 2, pp. 209-239.
Abstract
This paper examines the claims that the United States invaded Iraq in order to gain access to Iraq’s oil
with the intent of securing cheap oil supplies. The author evaluates whether the Iraqi oil sector can
restore its level of pre-invasion oil production capacity. The experience of four oil-producing countries
(Iran, Kuwait, Russia, and Iraq after the First Gulf War) with output capacity expansions are explored to
draw conclusions regarding Iraq’s future production capability. The paper looks at four questions: Will a
U.S. occupation of Iraq fit the objectives of the Bush Administration’s energy policy? If not, what is the
role of oil in the invasion? If the Bush policy depends on Iraqi oil, can Iraq meet these requirements and
increase its capacity quickly? Can Iraq increase its production capacity to 8 million barrels per day by
2010? Will an increase in Iraq’s output lead to a sharp decline in oil prices?
Keywords: Iraqi oil production, Iraq War, Middle East oil
http://www.scribd.com/doc/25779882/U-S-Energy-Policy-and-the-Invasion-of-Iraq-Does-Oil-Matter-AF-Alhajji
Tong Zhao, “Chinese Natural Gas Investment: An Opportunity for Hydrogen Research,” The
Journal of Energy and Development, spring 2004, vol. 29, no. 2, pp. 240-246.
Abstract
This paper argues that China’s pollution-intensive economic growth of the last 25 years is
unsustainable as 7.7 percent of China’s GDP is lost to the costs of environmental degradation and public
health problems related to pollution. As China begins its 10th strategic plan, economic growth with
reduced pollution through price controls and clean fuel substitution has been a focal point for the
government’s sustainable development policies. The author looks at China’s plans to stimulate the
development of natural gas infrastructure in cities as a substitute for coal by lifting state pricing controls
and attracting foreign investors. Additionally, the paper suggests that China should research the
effectiveness of hydrogen as a fuel source to meet the country’s long-term energy needs.
Abstracts from The Journal of Energy and Development

Keywords: China natural gas, hydrogen technology, China energy demand, pollution, sustainable energy,
10th strategic plan, natural gas infrastructure
http://www.scribd.com/doc/25780127/Chinese-Natural-Gas-Investment-An-Opportunity-for-HydrogenResearch-by-Tong-Zhao
Yoshiki Ogawa, “Long-Term Outlook and Strategic Issues for Oil Supply-Demand in Asia,” The
Journal of Energy and Development, spring 2004, vol. 29, no. 2, pp. 247-272.
Abstract
This paper focuses on problems in the supply and demand for oil affecting Asia and discusses the
long-term outlook and strategic issues. Attention also will be given to factors surrounding natural gas.
Seven topics are addressed by the author: (1) energy and oil supply-demand in Asia and increasing
dependence on Middle East supply; (2) volatile price fluctuations and long-term prospects for crude oil
prices; (3) Asian premiums in energy prices; (4) oil price formation in Asia and the development of oil
markets; (5) measures to answer environmental problems and qualities for transport fuels; (6) energy
supply security in Asia and development of supply infrastructure; and (7) strategic issues in Asia and
international cooperation.
Keywords: Asian energy demand, energy security, Asian energy premiums, transport fuels, dependence
on Middle East, oil price fluctuations
http://www.scribd.com/doc/25780383/Long-Term-Outlook-and-Strategic-Issues-for-Oil-Supply-Demandin-Asia-by-Yoshiki-Ogawa
M. Nagy Eltony, “Quantitative Measures of Financial-Sector Reform in the Arab Countries,” The
Journal of Energy and Development, spring 2004, vol. 29, no. 2, pp. 273-295.
Abstract
The purpose of this paper is to review and analyze the financial-sector reform experience of the Arab
countries during the 1990-2000 decade. The author’s analysis distinguishes between the two main groups
of Arab states: the diversified Arab economies (Algeria, Egypt, Jordan, Lebanon, Morocco, Syria,
Tunisia, and Yemen) and the oil-based economies (Bahrain, Qatar, Kuwait, Oman, Saudi Arabia, and the
United Arab Emirates). A framework is presented to evaluate the financial reform experience of Arab
countries. A comparison is made with a selected group of reforming developing countries (Chile,
Indonesia, Korea, and Philippines). Issues covered include monetary and credit directions, supervision
measures, status of market competition, the role of stock markets, and interest rates. The paper concludes
by highlighting areas in the Arab countries where additional reforms are needed.
Keywords: Arab financial sector, financial-sector reforms, GCC policies, diversified economies, oilbased economies
http://www.scribd.com/doc/25780620/Quantitative-Measures-of-Financial-Sector-Reform-in-the-ArabCountries-by-M-Nagy-Eltony

The Journal of Energy and Development
autumn 2003, volume 29, number 1
http://www.scribd.com/doc/25885567/The-Journal-of-Energy-and-Development-autumn-2003-volume29-number-1
Abstracts from The Journal of Energy and Development

Guy F. Caruso, “World Oil Market Status and Outlook,” The Journal of Energy and Development,
autumn 2003, vol. 29, no. 1, pp. 1-16.
Abstract
This paper provides an overview of the world oil markets and energy outlook based on the forecasts
and research from the U.S. Department of Energy’s Energy Information Administration (EIA) as of 2003.
The energy outlook includes a look at the Iraqi oil sector, Kuwait, Nigeria, spare oil production capacity
of OPEC, the U.S. Strategic Petroleum Reserve, crude oil prices and stocks, distillate fuel and gasoline
inventories, along with the EIA’s three case studies for future oil prices through 2020.
Keywords: long-term oil price forecasts, Iraqi oil production, world energy, Energy Information
Administration (EIA), Kuwait, Nigeria, OPEC, U.S. Strategic Petroleum Reserve
http://www.scribd.com/doc/25954015/World-Oil-Market-Status-and-Outlook-by-Guy-Caruso
Sharif Ghalib, “Iraq: Its Economy and External Debt,” The Journal of Energy and Development,
autumn 2003, vol. 29, no. 1, pp. 17-24.
Abstract
Despite Iraq’s significant oil and economic potential, after two decades of warfare and civil
dislocation, the country’s finances have been devastated, leaving it with a massive amount of external
debt. The country’s GDP shrunk from $54 billion in 1988 to an estimated $27 to $29 billion in 2001.
Besides the destruction to the economy wrought by wars and strife since late 1980 and direct economic
losses, estimated at $100 billion during the Iran-Iraq war alone, Iraqi external finances also have been
seriously disrupted. Iraq’s official external debt is examined in-depth, estimated at officially standing
between $56 and $68 billion. Iraq owes most of this money to Saudi Arabia and Kuwait. Ways in which
Iraq could repay this debt are addressed by the author.
Keywords: Iraq external debt, Iraqi economy, Saudi Arabia, Kuwait
http://www.scribd.com/doc/25977505/Iraq-Its-Economy-and-External-Debt-by-Sharif-Ghalib
Robert Looney, “Oil Prices and the Iraq War: Market Interpretations of Military Developments,
“The Journal of Energy and Development, autumn 2003, vol. 29, no. 1, pp. 25-42.
Abstract
As is well known, oil price movements become erratic during periods of crisis and increased
uncertainty, especially immediately preceding and following the initiation of conflict in oil-producing
regions. The conflict itself generates a steady stream of information available to oil traders. Focusing on
the 2003 Iraq conflict and comparing the pattern of oil prices during the late March/early April 2003, this
paper examines the manner in which this information appears to have affected the New York Mercantile
Exchange (NYMEX) oil futures prices. Comparisons with earlier conflicts in the region are made to
determine if generalizations are possible. The main findings show a common pattern of military
developments and the position and slope of the futures curve. In turn, this pattern is modified by supplyside factors such as worldwide spare production capacity and inventory levels.
Keywords: oil price volatility, oil futures prices, conflict in oil-producing regions, 2003 Iraq war and oil
prices, New York Mercantile Exchange (NYMEX)
http://www.scribd.com/doc/25978221/Oil-Prices-and-the-Iraq-War-Market-Interpretations-of-MilitaryDevelopments-by-Robert-Looney
Abstracts from The Journal of Energy and Development

Dag Harald Claes, “Globalization and State Oil Companies: The Case of Statoil,” The Journal of
Energy and Development, autumn 2003, vol. 29, no. 1, pp. 43-64.
Abstract
In Norway, Statoil has been a shining example of state regulation and participation in industrial and
economic activities. The company was established as an operative and fully state-owned enterprise. This
paper discusses why and how this state regulatory model was challenged from the early 1980s onward.
The challenges can all be related to different aspects of “globalization”: the spread of political ideology,
volatility of commodity prices, the role of international organizations, and the changing structure of
international industries and multinational firms. Although Statoil was partially privatized in 2001, the
core elements of the model regulating a Norwegian oil sector remain intact. The model has been
reformed, but it still provides the state with a dominant role both in regulating and in operating Norway’s
oil sector. The narrative provided here thus seeks to explain stability as much as change.
Keywords: Statoil, state oil companies, Norway’s oil sector, privatization
http://www.scribd.com/doc/25992621/Globalization-and-State-Oil-Companies-The-Case-of-Statoil-byDag-Harald-Claes
Geoffrey Rothwell and Bob van der Zwaan, “Are Light-Water Reactor Energy Systems
Sustainable?” The Journal of Energy and Development, autumn 2003, vol. 29, no. 1, pp. 65-80.
Abstract
This paper proposes criteria for determining “intermediate sustainability” of an energy system over the
foreseeable future. We propose four criteria related to the maintenance of natural capital, technical
capital, and social capital. We apply these criteria to light-water reactor (LWR) energy systems and the
LWR industry. We find that LWR technology does not violate intermediate-sustainability criteria for the
foreseeable future for environmental externalities or the social externalities associated with health and
safety, including an accidental release of radioactivity. However, it is not intermediate-sustainable in
terms of its use of nonrenewable uranium and it does not meet criteria regarding the social externalities
associated with nuclear weapons proliferation. Also, current and future global demand for LWR energy
systems appears to be below the minimum needed to sustain the economic viability of the global LWR
industry. Because the dominant nuclear power technology (the LWR) is not intermediate-sustainable, the
authors conclude that if the nuclear power industry is to be viable, it must focus on new nuclear power
technologies.
Keywords: light-water reactor energy systems, nuclear power industry, nuclear power technologies,
intermediate sustainability
http://www.scribd.com/doc/25997839/Are-Light-Water-Reactor-Energy-Systems-Sustainable-byGeoffrey-Rothwell-and-Bob-van-der-Zwaan
Surender Kumar and D. N. Rao, “Environmental Regulation and Production Efficiency: A Case
Study of the Thermal Power Sector in India,” The Journal of Energy and Development, autumn
2003, vol. 29, no. 1, pp. 81-94.
Abstract
This study uses the output distance function, which is reciprocal of the output-based Farrell measure of
technical efficiency, as an analytical tool to examine the impact of environmental regulation and pollution
abatement on the production efficiency of the thermal power sector in India. Here, the stochastic output
Abstracts from The Journal of Energy and Development

distance function is estimated simultaneously with a model that explains what causes the plants to be
inefficient. This approach enables the authors to analyze explicitly the impact of environmental
regulations and pollution abatement on production efficiency. The results of this study contradict Porter’s
hypothesis, i.e., environmental regulations lead to production inefficiency. It is found that the average
level of efficiency is only 0.58 and the coefficient of variation is quite high. Moreover, the authors find
that there is a positive association between plant size and production efficiency and between the rate of
capacity utilization and production efficiency. This reveals that the energy crisis in India can be resolved,
to some extent, through better utilization of exiting capacity.
Keywords: India environmental regulation, Indian thermal power sector, production efficiency models,
technical efficiency, pollution abatement
http://www.scribd.com/doc/25998073/Environmental-Regulation-and-Production-Efficiency-A-CaseStudy-of-the-Thermal-Power-Sector-in-India-by-Surender-Kumar-and-D-N-Rao
Peter Fusaro, “Green Trading: The Next Financial Market,” The Journal of Energy and
Development, autumn 2003, vol. 29, no. 1, pp. 95-114.
Abstract
This paper summarizes the ongoing developments of the green trading markets for greenhouse gases,
renewable energy credits, and the financial value of energy efficiency. It explores what green trading
actually is, why green financial indexes are needed for market maturation, and what is on the horizon in
the convergence of capital markets and the environment.
Keywords: emissions trading, greenhouse gas trading, renewable energy credits, green trading
http://www.scribd.com/doc/26002500/Green-Trading-The-Next-Financial-Market-by-P-Fusaro
Ming-Yuan Chen, “The Survival and Growth of U.S. Petroleum Refineries in Response to Changes
of Market Conditions,” The Journal of Energy and Development, autumn 2003, vol. 29, no. 1, pp.
115-146.
Abstract:
This paper presents an econometric analysis of the restructuring of U.S. petroleum refining industry
during 1981-1985 in response to the deregulation of crude-oil markets. The purpose is to determine
whether a discernible pattern of refinery survival and growth emerges when the industry as a whole
declines in this period. Hypotheses relating refinery survival and growth to plant size, age, regulatory
subsidies, technology use, multi-plant coordination, and geographic locations are developed. Empirical
results show that both failure and growth rates are higher for smaller and younger refineries. Technology
use facilitates growth conditional on survival but is weakly related to the surviving probability.
Refineries obtaining multi-plant coordination are more likely to survive but are forced to reduce capacity
growth, and geographic locations generate significant differences in the refinery survival. These
characteristics also are able to explain different survival durations among refineries, and the effects of
time-varying characteristics on capacity growth are constant over time. Although the analysis is based on
data of the 1980s, empirical results have important implications for the restructuring of the industry in the
1990s.
Keywords: U.S. refineries, downstream operations, industry restructuring, econometric analysis
http://www.scribd.com/doc/26002673/The-Survival-and-Growth-of-U-S-Petroleum-Refineries-inResponse-to-Changes-of-Market-Conditions-by-Ming-Yuan-Chen
Abstracts from The Journal of Energy and Development

The Journal of Energy and Development
spring 2003, volume 28, number 2
http://www.scribd.com/doc/25885714/The-Journal-of-Energy-and-Development-spring-2003-volume-28number-2
Rakesh Prasad, Malini Ranganathan, P. B. Singh, and I. H. Rehman, “How Community
Participation Can Integrate Energy Transitions into Rural Development — The Experience of Four
North Indian Villages,” The Journal of Energy and Development, spring 2003, vol. 28, no. 2, pp. 15972.
Abstract
If technology-based energy projects at the rural level are expected to yield real and long-term
benefits to the end users, it is essential that they incorporate community participation at every stage. It
has been shown that a participatory approach is vital for promoting transitions to more efficient fuels and
technologies—including renewable energy devices—among rural people. In four villages of the northern
Indian state of Uttar Pradesh, this approach has ensured success in generating awareness and in ultimately
transferring efficient energy devices. Moreover, the approach has found that the developmental priorities
of the citizenry can be addressed better when a conscious effort is made to involve them in energy-related
planning, particularly women, who are the main beneficiaries of cooking devices. The various improved
fuels and devices not only provide health benefits for the users but also monetary savings and the
establishment of institutional structures for village energy management.
Keywords: India rural development, renewable energy, energy efficiency, community engagement
http://www.scribd.com/doc/26002950/How-Community-Participation-Can-Integrate-Energy-Transitionsinto-Rural-Development-%E2%80%94-The-Experience-of-Four-North-Indian-Villages-by-RakeshPrasad-M
Salah Abosedra and Stanislav Radchenko, “Oil Stock Management and Futures Prices: Empirical
Analysis,” The Journal of Energy and Development, spring 2003, vol. 28, no. 2, pp. 173-88.
Abstract
This paper reexamines the Granger causality and cointegration relationships between oil
inventory levels and spot and futures oil prices for the United States over the period of 1992-2001. In a
recent paper, Balabanoff (1995) reports results finding causation running from oil inventory levels to spot
and futures prices of oil. Results obtained from this study proved a bi-directional Granger causality
running from oil inventories to oil prices (spot-futures) and a feedback effect. Therefore, efforts to
achieve efficiency in the management of crude oil inventories should be combined with policies that aim
at creating stable oil market fundamentals. The latter requires more cooperation between oil-producing
and importing nations.
Keywords: U.S. oil inventory and prices, Granger causality, spot and futures oil prices
http://www.scribd.com/doc/26003172/Oil-Stock-Management-and-Futures-Prices-Empirical-Analysisby-Salah-Abosedra-and-Stanislav-Radchenko

Abstracts from The Journal of Energy and Development

Richard G. Zind, “On Oil and Manufacturing in the Arabian Gulf Nations,” The Journal of Energy
and Development, spring 2003, vol. 28, no. 2, pp. 189-206.
Abstract
This study assesses the evolution of oil prices and revenues, the impact on sectoral outputs of the
fluctuations in oil revenues and, through the parameters of a production function, the average and
marginal productivity levels of labor and capital in the manufacturing sector. The estimates suggest that
the purchasing power of oil revenues has been eroded significantly, that oil revenues no longer respond
significantly to changes in oil price changes, and that production is subject to constant returns to scale in
Kuwait, increasing returns in the United Arab Emirates, and diminishing returns in Bahrain, Oman, Qatar,
and Saudi Arabia.
Keywords: oil and manufacturing, Arabian Gulf economies, Bahrain, Oman, Qatar, U.A.E., Saudi Arabia,
Bahrain, Kuwait, production function, labor productivity, capital productivity, productivity in
manufacturing
http://www.scribd.com/doc/26003373/On-Oil-and-Manufacturing-in-the-Arabian-Gulf-Nations-byRichard-G-Zind
M. Nagy Eltony, “Transportation Demand for Energy: The Case for Kuwait,” The Journal of
Energy and Development, spring 2003, vol. 28, no. 2, pp. 207-20.
Abstract
This study presents a model of the demand for oil products in the transportation sector in Kuwait
using time-series data for the period 1975-2000. The results indicate that the demand for gasoline is
inelastic with respect to price and income in the short and long run. The demand has a short-run elasticity
approaching unity when it comes to the average fuel economy of the fleet of automobiles, which indicates
a rapid response to global changes in vehicle technology. Furthermore, the results reveal that diesel fuel
consumption is price and income inelastic in the short run but exceeds perfect elasticity in the long run.
As for the case of aviation fuel, the demand is inelastic with respect to the price in the short run but it
exceeds unit elasticity with respect to the number of flights landed in Kuwait airport, which indicates that
the level of activity is more significant in determining the demand for aviation fuel than its own price.
The simulation of the estimated model under various scenarios regarding energy prices revealed that there
are definite long-run advantages to introducing an oil products prices adjustment upward. There is a great
potential for energy savings in the transportation sector. If prices remain unchanged, there will be little
incentive for energy conservation.
Keywords: energy transportation demand, Kuwait gasoline demand, diesel demand, fuel elasticities, fuel
subsidies and demand, fleet fuel economy
http://www.scribd.com/doc/26003529/Transportation-Demand-for-Energy-The-Case-for-Kuwait-by-MNagy-Eltony
Catherine Locatelli, “The Viability of Deregulation in the Russian Gas Industry,” The Journal of
Energy and Development, spring 2003, vol. 28, no. 2, pp. 221-38.
Abstract
Russia is the world’s leading gas producer. But reforming the gas industry is currently one of the
major challenges facing the Russian energy industry in order to pursue its development. Since 1991, the
terms of the debate have changed little: what level of deregulation is required, or can be introduced, in the
gas industry? The reform project, actually discussed, is quite limited. This aim is to favor the
development of competition on the Russian domestic market by creation of new producers. Nonetheless,
Abstracts from The Journal of Energy and Development

it maintains the production-transport integration of Gazprom, the actual gas monopoly, which will retain
the monopoly on exports. Thus, the first stage of the reform will be only the establishment of a
transparent and nondiscriminatory transportation network for Gazprom, with regulated prices, and the
creation of an unregulated market alongside a regulated market. But the issue of the reform begs a
number of questions on the extent to which it will be accepted by the various actors involved at different
levels.
Keywords: Russian natural gas, Russian gas deregulation, Russian energy reform, Gazprom, Russian
domestic gas market
http://www.scribd.com/doc/26004530/The-Viability-of-Deregulation-in-the-Russian-Gas-Industry-byCatherine-Locatelli
S. M. R. Tayyebi Jazayeri and A. Yahyai, “Analysis of Structural Change in Quarterly Oil
Demand,” The Journal of Energy and Development, spring 2003, vol. 28, no. 2, pp. 239-64.
Abstract
The purpose of this study is to improve the quality and the accuracy of short-term oil demand
forecasts by analyzing historical consumption data critically, examining the seasonality of quarterly oil
consumption, and presenting some insights into the trends of structural changes in the seasonal factors.
First, the authors elaborate on the seasonal nature of the quarterly oil demand and on the gradual
dampening of the seasonal variations by examining historical consumption data for the 1985-2001 period.
Then the Fourier spectral analysis and X-11 seasonal decomposition methods are used to establish the
seasonality of oil demand and to estimate the seasonal factors. Upon examination of the historical data, it
is demonstrated that quarterly volumes of oil consumption, especially in the Organization for Economic
Cooperation and Development group and in the northern hemisphere, follow a seasonal pattern mostly
due to changes in temperature throughout the year. It is also shown that, normally, the fourth quarter
ranks first in oil consumption followed by the first, the third, and the second. The trends in total heating
degree days and temperature data indicate that at least since 1985, on average, autumns and winters
gradually have turned warmer, leading to persistently lower oil consumption for heating in the fourth and
the first quarters. Similarly, the summers gradually have become warmer, resulting in further oil
consumption for cooling. The transport sector also has been using more oil during the summer thanks
partly to increasing holiday season travel. Also, a gradual switch away from oil to the environmentally
more friendly natural gas has played a role. The article emphasizes that the above observations, i.e., the
long-term trends in the changes of the oil consumption seasonality structure, should be considered in any
short-term forecasting of oil demand.
Keywords: oil demand forecasts, seasonal patterns of oil demand, natural gas
http://www.scribd.com/doc/26006549/Analysis-of-Structural-Change-in-Quarterly-Oil-Demand-by-S-MR-Tayyebi-Jazayeri-A-Yahyai
Fred O. Boadu and Tolulope Olofinbiyi, “Relational Characteristics of the Flexibility Mechanisms
under the Kyoto Protocol: Implications for Sub-Saharan African Countries,” The Journal of
Energy and Development, spring 2003, vol. 28, no. 2, pp. 265-92.
Abstract
This paper uses a transaction cost framework to examine the implications of the Kyoto Protocol’s
Clean Development Mechanism (CDM) for countries in sub-Saharan Africa. The paper advocates the
adoption of the spirit of the United Nations Framework Convention on Climate Change (UNFCCC) as the
core of a comprehensive rural development program. While considerable opportunities exist to implement
Abstracts from The Journal of Energy and Development

CDM projects in the region, countries would need to better define property rights to land and undertake
land and forestry law reforms, including supportive comprehensive and sustainable rural development
policies. Nations also need to reduce information, bargaining, and monitoring costs of projects in order to
capture maximum benefits under the CDM.
Keywords: Kyoto Protocol, sub-Saharan Africa and climate change, Clean Development Mechanism
(CDM), transaction cost, United Nations Framework Convention on Climate Change (UNFCCC),
sustainable rural development
http://www.scribd.com/doc/26006805/Relational-Characteristics-of-the-Flexibility-Mechanisms-underthe-Kyoto-Protocol-Implications-for-Sub-Saharan-African-Countries-by-Fred-O-Boadu-T

The Journal of Energy and Development
autumn 2002, volume 28, number 1
http://www.scribd.com/doc/25885875/The-Journal-of-Energy-and-Development-autumn-2002-volume28-number-1
Jeffrey H. Grobman and Janis M. Carey, “The Effect of Policy Uncertainty on Wind-Power
Investment,” The Journal of Energy and Development, autumn 2002, vol. 28, no. 1, pp. 1-14.
Abstract
This paper investigates the manner in which policy uncertainty, relating to the enactment or
repeal of production tax credits (PTCs), impacts investment in wind power. Results show that the
expectation of a potential PTC enactment may decrease the level of wind power investment due to the
increased option value of waiting for the PTC. In contrast, the expectation of a potential PTC removal
may increase the level of wind power investment as firms increase their rate of investment to take
advantage of the PTC while it is in effect.
Keywords: wind power, alternative energy, U.S. energy policy, wind production tax credits, uncertainty
http://www.scribd.com/doc/26008996/The-Effect-of-Policy-Uncertainty-on-Wind-Power-Investment-byJeffrey-H-Grobman-Janis-M-Carey
Donna Green and Kirk R. Smith, “The Implications of Graduation: Why Developing Countries
Will Never Produce More Greenhouse Gases Than Developed Countries,” The Journal of Energy
and Development, autumn 2002, vol. 28, no. 1, pp. 15-40.
Abstract
It is commonly stated that, in a few decades or less, developing countries will be producing more
greenhouse gas emissions than developed nations. This is unlikely to be true, however, because China
and perhaps other currently developing countries will probably graduate to developed country status
before then, taking their emissions with them. The authors investigate the distinction between
“developed” and “developing” country classifications and other implications of the lack of an objective
measure of graduation from one category to the other in the context of the United Nations Framework
Convention on Climate Change (UNFCCC). As with many such agreements to date, no comprehensive
process of accounting for changes in the “development” status of countries has been considered in the
UNFCCC. The lack of a structure with which to frame and negotiate this process will become significant
because, as indicated by a number of potential measures, graduation of many “developing” states to
Abstracts from The Journal of Energy and Development

“developed” status is likely to take place within the next 50 years. Given this situation, it is unclear at
what level of development these developing countries should be expected to take on the emission
constraints that other developed nations have shouldered. The authors argue that an explicit process
needs to be defined to determine when a country graduates into Annex I of the UNFCCC (and Annex B
of the Kyoto Protocol), at which point it takes on appropriate legally binding emission targets.
Keywords: green house gases in developing countries, carbon emissions, United Nations Framework
Convention for Climate Change (UNFCCC), Kyoto Protocol, Annex I UNFCCC
http://www.scribd.com/doc/26009152/The-Implications-of-Graduation-Why-Developing-Countries-WillNever-Produce-More-Greenhouse-Gases-Than-Developed-Countries-by-Donna-Green-Kirk-R-Sm
Hisham Jameel Bardesi, Stephen Davies, and Terutomo Ozawa, “Transnational CorporationsCum-Host Collaborative Growth: Structural Transformation in Saudi Arabia,” The Journal of
Energy and Development, autumn 2002, vol. 28, no. 1, pp. 41-56.
Abstract
Saudi Arabia’s rapid industrialization represents a success story of collaborative growth achieved
between the host government and foreign transnational corporations. By actively encouraging inward
foreign direct investment, the government has been striving to diversify the Saudi economy and have its
abundant natural capital (oil) transformed into more durable/renewable forms of human and
entrepreneurial capital, especially in the private sector. The nonoil sector now accounts for approximately
60 percent of gross domestic product, with the private sector accounting for over 35 percent. To examine
this evolutionary growth of the Saudi economy, a stages-analytic approach is used along with an
econometric model.
Keywords: Saudi Arabia, foreign direct investment, transnational corporations, nonoil sectors, stagesanalytic approach with model
http://www.scribd.com/doc/26009334/Transnational-Corporations-Cum-Host-Collaborative-GrowthStructural-Transformation-in-Saudi-Arabia-by-Hisham-Jameel-Bardesi-Stephen-Davies-Teruto
Sergio Galina-Hidalgo, Daniel Romo, and Alfonso Pérez, “The Role of the Mexican Energy Sector
in the North American Market,” The Journal of Energy and Development, autumn 2002, vol. 28, no.
1, pp. 57-68.
Abstract
Since the early 1990s, the Mexican energy sector has been undergoing a structural change process
characterized by two major strategies: (1) deregulation and privatization of some energy-sector activities
and (2) restructuring the national oil company Petróleos Mexicanos (Pemex), and the two public
electricity utilities Comisión Federal de Electricidad (CFE) and Compañía de Luz y Fuerza (CLF).
Although the energy sector has been partially opened and the national oil and power companies have been
restructured to some extent, as of 2002 the state keeps a monopoly on most substantive activities; neither
Pemex nor CFE has real financial autonomy or the ability to seek non-state financing. Mexico faces three
potential problems to 2006—a lack of investments in power-generation projects and the increasing
imports of both natural gas and oil products. Energy reforms that could solve these matters have been
proposed, but the current political balance in the country does not anticipate a reform in the sector without
difficult political negotiations. The government may encounter problems in financing energy projects
without an energy reform consensus in the Congress.

Abstracts from The Journal of Energy and Development

Keywords: Mexican energy sector, Pemex (Petróleos Mexicanos), energy-sector deregulation, energysector privatization, national oil companies, Mexican energy policy, Comisión Federal de Electricidad
(CFE), Compañía de Luz y Fuerza (CLF), energy investment, energy financing
http://www.scribd.com/doc/26009551/The-Role-of-the-Mexican-Energy-Sector-in-the-North-AmericanMarket-by-Sergio-Galina-Hidalgo-Daniel-Romo-Alfonso-Perez
Barry Poulson, J. P. Giovanni, and Tapan Munroe, “The National Economic Benefits Associated
with a Moderate Four-Emission Approach to Power Plant Regulations,” The Journal of Energy and
Development, autumn 2002, vol. 28, no. 1, pp. 69-94.
Abstract
In this study the authors survey the current regulatory framework for pollution abatement in the
electric-power industry and alternative proposals to reform those regulations. Current legislative and
executive-branch proposals for power-plant emissions regulation appear to be flawed. The authors
propose a moderate four-emission approach to power-plant regulation. This approach is based upon
historical information regarding the trade-off between pollution abatement and economic growth. It
builds upon current abatement regulations and allows their full implementation before adding additional
emission limits and establishes built-in flexibility mechanisms with early reduction credits and credits for
greenhouse gas reduction outside of the energy sector. This market-based approach is likely to have
minimal economic effects on the energy sector and the U.S. economy.
Keywords: power plant regulation, emissions regulation, pollution abatement
http://www.scribd.com/doc/26009708/The-National-Economic-Benefits-Associated-with-a-ModerateFour-Emission-Approach-to-Power-Plant-Regulations-by-Barry-Poulson-J-P-Giovanni-Tapan
Majid A. Al-Moneef, “The Role of Oil and Gas in the Saudi Economy: The Interaction Between
Economic Development and Oil and Gas Strategies,” The Journal of Energy and Development,
autumn 2002, vol. 28, no. 1, pp. 95-106.
Abstract
The oil and gas sectors have been playing a central role in the development of the Saudi economy
through their large share in government finances and merchandise exports as well as providing cheaper
fuel and feedstock for utilities and industry (petrochemicals). But the growth of the petroleum sector has
been relatively modest, averaging 1 percent annually over the past 25 years (1976-2001) because of the
volatility in world oil markets over the period, which was reflected on Saudi Arabia’s oil production
volumes and prices. The increasing budget deficit, burgeoning debt, the growing population, and entrants
to the labor market have posed many challenges to the economy. Different institutional, legal, and
economic reforms have sought to address such issues by initiating changes in the capital and labor
markets and other measures, such as privatization and acceleration of the accession processes into the
World Trade Organization. Within such reform endeavors, the petroleum and gas strategy of the
Kingdom approved by the Supreme Petroleum Council aims at maximizing the country’s long-term oil
revenues without jeopardizing the share of oil in the world energy mix and Saudi Arabia’s share in world
oil trade. The strategy also aims at meeting local demand for gas to contribute to value added in the
economy and to identify the ultimate recoverable gas reserves for that purpose. In strategy formulation,
local gas demand and supply potential were assessed to 2025. Saudi Aramco and its projects with
international oil companies are discussed in this article. In addition, the author outlines the economic and
petroleum-sector reforms that are expected to facilitate the transition to a more efficient and competitive
economy that will meet the growing challenges.
Abstracts from The Journal of Energy and Development

Keywords: Saudi Arabia oil sector, Saudi Aramco, Saudi Arabia economic development, Saudi Arabian
petrochemicals, international oil companies in Saudi Arabia, economic diversification, World Trade
Organization (WTO)
http://www.scribd.com/doc/26010455/The-Role-of-Oil-and-Gas-in-the-Saudi-Economy-The-InteractionBetween-Economic-Development-and-Oil-and-Gas-Strategies-by-Majid-A-Al-Moneef
Michael C. Lynch, “Causes of Oil Price Volatility,” The Journal of Energy and Development,
autumn 2002, vol. 28, no. 1, pp. 107-142.
Abstract
Increased oil price volatility has spurred efforts to improve data collection as a means of reducing
uncertainty. This paper describes the time lags and the amount of uncertainty (degree of revisions) in
major data series (inventories, consumption, production) for the world’s primary regions. It finds that
during a quota-setting meeting of the Organization of the Petroleum Exporting Countries (OPEC), for
example, data about the current market lag by two months, and the expectations for the current quarter are
typically uncertain by about 1 million barrels per day. Given that this is similar to the typical OPEC
quota change, stabilizing the market is clearly challenging. The problem reflects a combination of
inherent volatility (uncertainty about weather, gross domestic product growth, and so forth) and specific
transient events (recessions, supply disruptions, etc.). While improved market transparency can reduce
the first, the second is a more difficult problem.
Keywords: oil price volatility, OPEC, oil quotas, oil market stability, market transparency, data
collection, uncertainty
http://www.scribd.com/doc/26010553/Causes-of-Oil-Price-Volatility-by-Michael-C-Lynch

The Journal of Energy and Development
spring 2002, volume 27, number 2
http://www.scribd.com/doc/25911202/The-Journal-of-Energy-and-Development-spring-2002-volume-27number-2
Ray Leonard, “Russian Oil and Gas: A Realistic Assessment,” The Journal of Energy and
Development, spring 2002, vol. 27, no. 2, pp. 159-165.
Abstract
This paper discusses the issues surrounding Russian oil and gas reserves. As of the Soviet Union,
reliable hydrocarbon resource assessments were not available to the rest of the world. This paper looks at
evaluating current Russian energy reserves based on four factors: the current booked reserves, the
production level of reserves, oil and gas remaining to be found and export capacity. The author discusses
the potential of large undiscovered Russian natural gas reserves possible in the largely unexplored Kara
and Barents Seas. The paper predicts that Russian oil production will peak between 2010 and 2020,
making a shift to greater natural gas production a necessity. Natural gas production is expected to
increase in East Siberia, Northwest Siberia, and offshore. The gas industry is still behind the oil industry
in improving its production efficiency. With open competition and adequate investment, the current
(2001) production of 20 trillion cubic feet per year can be significantly increased.
Keywords: Russian energy reserves, Russia oil and natural gas production, production reserves
Abstracts from The Journal of Energy and Development

http://www.scribd.com/Russian-Oil-and-Gas-A-Realistic-Assessment-by-Ray-Leonard/d/26017907
James A. Daniel, “Hedging Government Oil Price Risk,” The Journal of Energy and Development,
spring 2002, vol. 27, no. 2, pp. 167-177.
Abstract
Many governments are heavily exposed to oil price risk, especially those dependent on revenue
derived from oil production. For these governments, dealing with large price movements is difficult and
costly. Traditional approaches, such as stabilization funds, are inherently flawed. Oil risk markets could
be a solution. These markets have matured greatly in the last decade, and their range and depth could
allow even substantial producers, and consumers, to hedge their oil price risk. Yet governments have
held back from using these markets, mainly for fear of the political cost and lack of know-how.
Keywords: hedging oil revenues, managing oil price fluctuations, stabilization funds, oil risk markets
http://www.scribd.com/doc/26018231/Hedging-Government-Oil-Price-Risk-by-James-A-Daniel
Naief Al-Mutairi and Mohammed El-Sakka, “Determinants of the Demand for Fresh Water in
Kuwait: An Econometric Study,” The Journal of Energy and Development, spring 2002, vol. 27, no.
2, pp. 179-195.
Abstract
This paper aims at estimating a demand function for fresh water in Kuwait using aggregate
annual data for the period 1970-1996. The study evaluates empirically the time-series properties of
variables involved to determine the appropriate transformation of the variables before examining the
determinants of the demand for fresh water. It was found that there is a significant relationship between
the demand for fresh water and real per-capita income as well as the real price of fresh water. The
adjustment of desired-to-actual demand for fresh water is found to be relatively rapid. It also was found
that the Iraqi invasion and occupation resulted in a negative significant impact on the demand for fresh
water in Kuwait. A simulation of two price scenarios for fresh water shows that the consumption of fresh
water in Kuwait could be controlled by price corrections, indicating that the price of fresh water is an
effective tool for rationalizing the consumption of fresh water and, thus, the subsidy provided to this
sector.
Keywords: demand for fresh water, Kuwait, econometrics, water pricing, subsidies
http://www.scribd.com/doc/26018426/Determinants-of-the-Demand-for-Fresh-Water-in-Kuwait-AnEconometric-Study-by-Naief-Al-Mutairi-and-Mohammed-El-Sakka
M. Nagy Eltony, “Can An Oil-Based Economy Be Diversified? A Case Study of Kuwait,” The
Journal of Energy and Development, spring 2002, vol. 27, no. 2, pp. 197-212.
Abstract
Kuwait is a typical example of an oil-based economy. The oil sector contributes over one-third of
the gross domestic product and over 90 percent of exports. Economic diversification for Kuwait means
reducing the heavy dependency on the oil sector by developing the nonoil sectors. It also implicitly
includes reducing the direct role of the public sector while increasing private-sector activities and, hence,
the private sector’s size and role in the economy. The study shows that although Kuwait has tried to
lessen its dependence on oil through the development of the nonoil sectors, its success so far has been
Abstracts from The Journal of Energy and Development

modest. Furthermore, it is expected that Kuwait will continue to rely heavily on oil, at least for the next
two decades.
Keywords: Kuwait, economic diversification, oil-based economies, public sector, private sector
http://www.scribd.com/doc/26018720/Can-An-Oil-Based-Economy-Be-Diversified-A-Case-Study-ofKuwait-by-M-Nagy-Eltony
Øystein Noreng, “Maintaining North Sea Output by Restructuring the Norwegian Petroleum
Industry,” The Journal of Energy and Development, spring 2002, vol. 27, no. 2, pp. 213-236.
Abstract
The North Sea oil and natural gas industry has been an unexpected success over the past 30 to 40
years, contributing significantly to reducing European dependence on Middle Eastern oil. Despite
relatively high production costs, the region’s political stability and proximity to major markets helped to
solidify the North Sea’s position as a dominant energy producer for more than three decades. However,
today the North Sea energy sector is facing some significant challenges, especially in oil production. The
reasons are not only a maturing geology with fewer and smaller finds, but also a regulatory and fiscal
environment that does not stimulate investment. This paper focuses on the case of Norway, whose oil
regime dates from the mid-1970s and has not changed much since then. The author warns that unless
investment increases, exploration is stepped up, and field development follows, prospects are that the
reserve base will not be renewed and output gradually will decline with negative effects on government
revenues and Western Europe’s degree of energy self-sufficiency. This paper outlines ways in which
Norway can provide incentives for sustained exploration and development by modifying the regulatory
and fiscal conditions to restructure the Norwegian oil industry.
Keywords: North Sea oil and natural gas, Norwegian oil industry, Norwegian energy reform
http://www.scribd.com/doc/26018856/Maintaining-North-Sea-Output-by-Restructuring-the-NorwegianPetroleum-Industry-by-%C3%98ystein-Noreng
Mark Rodekohr, “Short- to Medium-Term Oil Market Outlook,” The Journal of Energy and
Development, spring 2002, vol. 27, no. 2, pp. 237-264.
Abstract
This paper is an overview of the short- to medium-term oil market outlook provided by the Energy
Information Administration (EIA). The EIA is the U.S. government’s energy statistical agency and is in
charge of collecting and disseminating most of the energy-related governmental statistics and analysis,
including publishing projections of energy supply, demand, and prices. This paper covers short-term (18
months) to long-term (out to the year 2020) projections for oil demand, oil supply, and price scenarios. It
evaluates global energy demand growth, world oil reserves and supply factors, inventory levels, U.S.
crude oil and gasoline market cycles, and overall energy trends.
Keywords: U.S. and world oil market forecasts, oil price projections, global energy demand, energy
production and reserves
http://www.scribd.com/doc/26018986/Short-to-Medium-Term-Oil-Market-Outlook-by-Mark-Rodekohr
Kurt Abraham, “World Oil and Gas Drilling,” The Journal of Energy and Development, spring
2002, vol. 27, no. 2, pp. 265-276.
Abstracts from The Journal of Energy and Development

Abstract
This article evaluates the expected upstream energy spending and drilling activities for 2002 and
changes from their 2001 levels. The forecasts used in this paper are based on internally generated data,
surveys, and input by regular contributors to World Oil. Areas of focus include upstream energy
investments in the North America and an analysis of world drilling outlook. The drilling activities for 60
different countries are evaluated along with regional upstream summaries for North America, South
America, Western Europe, the Former Soviet Union, Africa, Eastern Europe, the Far East, and the South
Pacific. Additionally, the Venezuelan upstream situation is assessed, including the new Hydrocarbon
Law, which raised royalty levels and changed the structure of future joint-venture projects. The
consequences of ongoing political unrest, strikes, and conflicts between the state-owned oil company,
PDVSA, and Venezuela’s President Chavez are outlined along with their impact of the country’s
petroleum production levels.
Keywords: world upstream energy spending, world drilling activities, Venezuela oil production,
Venezuelan new Hydrocarbons Law, PDVSA
http://www.scribd.com/doc/26019069/World-Oil-and-Gas-Drilling-by-Kurt-Abraham
A. S. Fawehinmi and O. V. Oyerinde, “Household Energy in Nigeria: The Challenge of Pricing and
Poverty in Fuel-Switching,” The Journal of Energy and Development, spring 2002, vol. 27, no. 2, pp.
277-284.
Abstract
Every society practices fuel-switching as its economic development gets under way. This is
usually from traditional fuels to modern commercial fuels. This paper looks at such a transition in
Nigeria. It notes that due to the issues of pricing, wherein prices of modern fuels have increased
astronomically, and the increasing level of poverty in the country, the fuel of choice of many Nigerian
homes remains the utilization of wood fuels for consumption. Though rational, such a choice is not
sustainable as it portends a threat to the forests, the users, and the economy. This paper offers
recommendations to guarantee sustainability in domestic energy usage in Nigeria.
Keywords: energy in Nigeria, fuel-switching, wood fuels, sustainable energy, poverty and energy
http://www.scribd.com/doc/26019182/Household-Energy-in-Nigeria-The-Challenge-of-Pricing-andPoverty-in-Fuel-Switching-by-A-S-Fawehinmi-O-V-Oyerinde
William F. Kirsch and Mario A. Medina, “Cost and Implementation of Energy-Efficiency Measures
in Specific Industries,” The Journal of Energy and Development, spring 2002, vol. 27, no. 2, pp. 285298.
Abstract
This study addresses the public policy question of a possible need for government assistance with the
cost of implementing energy conservation opportunities (ECOs) beyond the cost of identifying them. The
authors focused on plants in specific manufacturing industries (two-digit standard industrial
classifications) to learn whether certain types of small- and medium-sized manufacturers were more or
less willing to implement ECOs. The sources of the recommendations had been teams of university
engineering faculty and students functioning under the aegis of the Industrial Assessment Center (IAC)
program. The narrowing focus of this study challenged the authors to select certain criteria for inclusion:
enough plants to avoid transient errors while continuing to represent a large segment of the plants served.
As a result, the authors included those industries that, in the aggregate, spent at least $40 million each to
Abstracts from The Journal of Energy and Development

purchase energy for the three years. The finding was that small- and medium-sized manufacturers
implemented cost-saving recommendations according to their value when the results were numerous
enough to justify close examination over three years. These results were found in 12 different
manufacturing industries with measures involving electricity. It is not known whether other industries
and energy sources would respond similarly, but the authors do not believe an infusion of public funds is
needed for implementation once publicly funded efforts have identified the opportunities.
Keywords: energy efficiency, energy cost-savings, energy conservation opportunities, U.S. public policy,
manufacturing
http://www.scribd.com/doc/26019447/Cost-and-Implementation-of-Energy-Efficiency-Measures-inSpecific-Industries-by-William-F-Kirsch-Mario-A-Medina

The Journal of Energy and Development
autumn 2001, volume 27, number 1
http://www.scribd.com/doc/25910578/The-Journal-of-Energy-and-Development-autumn-2001-volume27-number-1
Imad A. Moosa, “Some Empirical Evidence on Cyclical Behavior of Oil Consumption,” The
Journal of Energy and Development, autumn 2001, vol. 27, no. 1, pp. 1-14.
Abstract
This paper investigates the cyclical behavior of oil consumption in two major countries and a
number of country groups using post-World War II historical data. The results show that the
consumption of oil is strongly procyclical except for members of the Organization of the Petroleum
Exporting Countries. It also is found that the intensity of oil consumption is predominantly procyclical
although it is countercyclical outside the Organization for Economic Cooperation and Development. The
evidence reveals some asymmetries for individual countries and country groups but not for the world as a
whole. The cyclical behavior of oil consumption is found to be determined by the cyclical behavior of
gross domestic product and the price of crude oil. The empirical findings are used to advance some
policy recommendations.
Keywords: oil consumption, cyclical oil demand, OPEC, OECD, GDP, crude oil prices
http://www.scribd.com/doc/26019605/Some-Empirical-Evidence-on-Cyclical-Behavior-of-OilConsumption-by-Imad-A-Moosa
Øystein Noreng, “Liberalizing and Restructuring European Natural Gas − Winners and Losers,”
The Journal of Energy and Development, autumn 2001, vol. 27, no. 1, pp. 15-32.
Abstract
The focus of this paper is to discuss the salient stakes related to the liberalization and restructuring of
the European natural gas markets, emphasizing trading patterns and price formation, market structure and
supply security, the financing of new gas projects, energy policy and gas competitiveness, and finally, the
likely winners and losers inside the EU and externally.
Keywords: European natural gas markets, gas project financing, EU market liberalization, energy policy
Abstracts from The Journal of Energy and Development

http://www.scribd.com/doc/26020309/Liberalizing-and-Restructuring-European-Natural-Gas%E2%88%92-Winners-and-Losers-by-%C3%98ystein-Noreng
Eugene M. Khartukov, “Russia’s Oil Prices: International Dimensions of National Specifics,” The
Journal of Energy and Development, autumn 2001, vol. 27, no. 1, pp. 33-42.
Abstract
The paper aims at answering a rather complicated question about international and domestic
pricing of crude oil: In what way, if at all, do world oil price dynamics affect Russia’s internal pricing?
Despite being completely decontrolled and opened to competitive international trade, the domestic
Russian crude oil prices seem shielded safely from world market competition. The author analyzes and
explains the reasons for Russia’s domestic prices being stuck halfway toward world parity and describes
long-term implications of this technologically determined phenomenon.
Keywords: Russian oil pricing, Russian domestic oil prices
http://www.scribd.com/doc/26020457/Russia%E2%80%99s-Oil-Prices-International-Dimensions-ofNational-Specifics-by-Eugene-M-Khartukov
Roy Boyd and K. Doroodian, “A Computable General Equilibrium Treatment of Oil Shocks and
U.S. Economic Growth,” The Journal of Energy and Development, autumn 2001, vol. 27, no. 1, pp.
43-68.
Abstract
This study uses a dynamic computable general equilibrium (CGE) model that divides the U.S.
economy into a number of different economic sectors and income classes. The model is designed to
quantify the economic linkages between sectors and thus it allows us to consider the effect of foreign oil
price shocks on intersectoral capital formation. Since the model is dynamic, it allows us to see the role
played by intertemporal price expectations on ongoing investment, the size of the capital stock, economic
growth, and the distribution of income over time.
The paper simulates the impact of future oil price shocks on U.S. producers, consumers, and the
government over a 48-year time horizon under three scenarios: (1) oil shock alone, (2) oil shocks
followed by a moderately decreased productivity per well, and (3) oil shocks followed by significantly
decreased productivity per well. Depending on the degree of decreased productivity per well, the U.S.
economy has been affected adversely by oil price shocks, though the short-run effect is more serious than
the long-run impact.
Keywords: oil price shocks and U.S. economy, oil shocks and productivity, income classes, computable
general equilibrium model, inter-sectoral capital formation
http://www.scribd.com/doc/26020606/A-Computable-General-Equilibrium-Treatment-of-Oil-Shocksand-U-S-Economic-Growth-by-Roy-Boyd-K-Doroodian
M. Nagy Eltony, “Inflation Caused by Imports Revisited: An Empirical Investigation of the Case
for Kuwait,” The Journal of Energy and Development, autumn 2001, vol. 27, no. 1, pp. 69-78.
Abstract
The aim of this study is to investigate empirically the issue of imported inflation in a small, open
oil-based economy such as Kuwait. The mechanism through which a change in import prices influences
domestic inflation is examined using an econometric model with a four simultaneous equations system.
The equations are specified, estimated, and simulated for the 1979-1999 time period. The estimated
Abstracts from The Journal of Energy and Development

model is subjected to an import price shock of 10 percent during the 1995-1999 span in order to learn
about the dynamic response of the key endogenous variables.
The results indicate that domestic
inflation is evidently susceptible to changes in import prices. The consumer price index is found to be
more responsive to changes in import prices than is the nonoil gross domestic product price index.
Furthermore, the stock of money and net foreign assets decrease significantly in response to the increase
in import prices. One interesting result is that the decline in net foreign assets was in line with the decline
in money supply. This suggests that, to some extent, the monetary authorities were not able to fully
sterilize the effects of changes in net foreign assets on the domestic money market.
Keywords: Kuwait economy, inflation, modeling imported inflation
http://www.scribd.com/doc/26020772/Inflation-Caused-by-Imports-Revisited-An-EmpiricalInvestigation-of-the-Case-for-Kuwait-by-M-Nagy-Eltony
Benjamín García Páez, “Sustainable Development and Energy Policy in Mexico,” The Journal of
Energy and Development, autumn 2001, vol. 27, no. 1, pp. 79-88.
Abstract
The close link between energy consumption and environmental damage is one of the most
pressing issues that should be taken into account in the process of long-range planning. Among the
energy sources, oil is the most widely consumed because of its relatively low cost. But this low cost has
led to massive consumption of valuable nonrenewable resources and increasing global pollution. The
degree of resource depletion and environmental degradation would have been lower had opportunity and
environmental costs been factored into oil prices.
A scenario based on sustainable development must include a pricing process that would reflect
the real costs for recovery of the main ecosystems and, consequently, induce energy conservation. In
addition, governments from the industrialized nations may need to assist the developing world in meeting
its energy needs by leapfrogging to clean technologies, thereby helping countries like Mexico avoid
investment in “dirty” and inefficient technologies.
Keywords: sustainable energy development, Mexico energy policy, Mexico environmental damage,
resource depletion, financing sustainable energy
http://www.scribd.com/doc/26020918/Sustainable-Development-and-Energy-Policy-in-Mexico-byBenjamin-Garcia-Paez
Khairy Tourk, “Sources of Economic Growth in Jordan: 1969-1989,” The Journal of Energy and
Development, autumn 2001, vol. 27, no. 1, pp. 89-100.
Abstract
Economic growth can be viewed as an outcome of two major sources: an increase in the
endowment of production factors, such as capital and labor, and the improvement in productivity known
as technical progress. The objective of this paper is to use Solow’s production function to assess the
influence of these factors on economic growth during the 1969-1989 span. This specific period was an
unusual one for the small Jordanian economy. It was a time when the economy had been subject to
powerful external shocks. These shocks included dealing with the aftermath of the 1967 war and the
drastic changes in oil prices that started in the 1970s. The regression results reveal that the Jordanian
economy had experienced a technical slowdown over the study period.
Keywords: economic growth, Jordan, Solow’s production function, oil prices
Abstracts from The Journal of Energy and Development

http://www.scribd.com/doc/26021193/Sources-of-Economic-Growth-in-Jordan-1969-1989-by-KhairyTourk
B. Gopalakrishnan, R. W. Plummer, and N. M. Alkadi, “Comparison of Glass-Manufacturing
Facilities based on Energy Consumption and Plant Characteristics,” The Journal of Energy and
Development, autumn 2001, vol. 27, no. 1, pp. 101-116.
Abstract
The glass-manufacturing facilities in the states of West Virginia and Pennsylvania are varied by
the nature of their activities that range from glass decorating to manufacturing glass from basic raw
materials using the hand-blown or machine-based processes. The Industrial Assessment Center at West
Virginia University conducted the energy assessments at the glass manufacturing facilities between 1996
and 1999. The four factors that characterize the manufacturing facilities are energy consumption, the
plant size, the number of employees, and the annual sales. These factors, subject to analysis over the
manufacturing facility spectrum, reveal interesting information that has been used to form facility
groupings. The groups have been compared with respect to energy consumption in terms of natural gas
and electricity. The energy conservation opportunities (ECOs) recommended across the various plant
groups are identified and discussed. The potential for ECO generation across various types of glassmanufacturing facilities is analyzed.
Keywords: glass-manufacturing plants, energy conservation opportunities, West Virginia, Pennsylvania,
natural gas, electricity
http://www.scribd.com/doc/26021590/Comparison-of-Glass-Manufacturing-Facilities-based-on-EnergyConsumption-and-Plant-Characteristics-by-B-Gopalakrishnan-R-W-Plummer-and-N-M-Alka
Mohammed Sadeqi, “Arab Power Utilities: Strategies for Sustainable Development,” The Journal
of Energy and Development, autumn 2001, vol. 27, no. 1, pp. 117-134.
Abstract
This paper evaluates the electric power sectors in the Arab countries and strategies for sustainable
development. To date the electric power sector has been owned by governments through their public
companies or ministries. Traditionally, financing this sector has been guaranteed for these utilities
through their own resources or through Arab and international financing agencies. Based on the forecasts
given in this paper, it is envisaged that the funds required for developing the power sector from 2000 to
2015, at an average annual cost of U.S. $26 billion, will far exceed the resources available from
governments or funding agencies. Recognizing the challenges, Arab countries are searching for new
modes of financing and innovative technical and institutional reforms along with continued reliance on
Arab and international development institutions in order to meet the escalating electricity demand. Arab
governments will need to adopt policies to attract and encourage investment in the private sector for
power generation. This paper looks at ways in which Arab development institutions, such as the Kuwait
Fund for Arab Economic Development, are supporting technical assistance grants to improve power plant
efficiency. The use of on-line power performance monitoring systems is presented as a tool for
optimizing power plant operations and reducing costs.
Keywords: Arab electricity demand, power sector financing, Kuwait Fund for Arab Economic
Development, power performance monitoring, Arab development institutions
http://www.scribd.com/doc/26021770/Arab-Power-Utilities-Strategies-for-Sustainable-Development-byMohammed-Sadeqi
Abstracts from The Journal of Energy and Development

The Journal of Energy and Development
spring 2001, volume 26, number 2
http://www.scribd.com/doc/25911514/The-Journal-of-Energy-and-Development-spring-2001-volume-26number-2
Tapan Munroe and Leslie Baroody, “California's Flawed Deregulation − Implications for the State
and the Nation,” The Journal of Energy and Development, spring 2001, vol. 26, no. 2, pp. 159-179.
Abstract
This paper discusses California’s deregulation experience, its economic impact, and implications for
other states contemplating deregulation. In addition, it discusses the California and electricity crisis of
2001. The authors address the underlying reasons for California’s problematic deregulation of the
electric-power sector. Challenges plaguing California’s electricity situation include the bankruptcy of the
state’s largest utility (Pacific Gas & Electric Company), continued financial problems of the second
largest utility (South California Edison), the state’s fiscal burden involving billions of dollars in
overpriced long-term power contracts with electricity wholesalers, and a deregulation plan that remains
seriously flawed. Topics covered include the astronomical risk in California wholesale electricity prices;
the transmission bottleneck; the lack of significant new power generation coming online; and the impact
of the electricity crisis on California’s consumers, high-tech companies, and businesses. The authors
argue that in addition to fixing the deregulation plan, California cannot solve its power problems by
relying solely on conventional gas-burning power plants. The state needs to focus on greater
conservation, via new technology, new efficiency standards, and real-time pricing. California needs to
pay greater attention to renewable sources of electricity if it is to “fix” the long-term power problems.
Keywords: California electricity crisis, California electricity deregulation, electricity conservation,
transmission, supply
http://www.scribd.com/doc/26064378/California-s-Flawed-Deregulation-%E2%88%92-Implications-forthe-State-and-the-Nation-by-Tapan-Munroe-Leslie-Baroody
Iván Orellana, “National Oil Company Planning: Pétroleos de Venezuela, 2001-2006,” The Journal
of Energy and Development, spring 2001, vol. 26, no. 2, pp. 181-196.
Abstract
The paper describes major highlights of the Pétroleos de Venezuela, S.A. (PDVSA) business plan
for the medium term (2001-2006). It includes the strategic orientation, main developments, and projects
to be tackled by the corporation in that time frame. The paper also discusses PDVSA’s viewpoints about
energy markets and its positioning according to external challenges and opportunities as well as plans for
different strategic business units of the corporation. The plan aims at (1) increasing expenditures in
exploration for a giant reservoir that may improve the quality of Venezuelan crude oils, (2) upgrading the
existing refinery system to comply with more stringent quality standards of products for the medium and
long term, (3) taking advantage of the opportunities derived from the new legal and institutional natural
gas framework, (4) addressing the needs of the domestic energy market and the social and environment
requirements, and (5) enhancing cost performance and more efficient technology applications.
Keywords: Venezuelan oil, PDVSA, national oil company planning, exploration spending, refining
upgrades, technology

Abstracts from The Journal of Energy and Development

http://www.scribd.com/doc/26064532/National-Oil-Company-Planning-Petroleos-de-Venezuela-20012006-by-Ivan-Orellana
Paul Stevens, “Micro-Managing Global Oil Markets: Is It Getting More Difficult?” The Journal of
Energy and Development, spring 2001, vol. 26, no. 2, pp. 197-212.
Abstract
The paper creates a simple analytical framework based upon supply and demand curves to define
what is meant by micro-managing oil markets. This framework is then used to explain why OPEC faces
increasing difficulty in attempting to micro-manage markets. The problems are identified as deteriorating
information plus a lack of knowledge by the market players. The paper then considers how it might be
possible to overcome these difficulties. It concludes this would be extremely difficult. Finally, it
considers how the inevitably worsening price volatility might be managed.
Keywords: global oil markets, oil price volatility, OPEC
http://www.scribd.com/doc/26064744/Micro-Managing-Global-Oil-Markets-Is-It-Getting-More-Difficultby-Paul-Stevens
Mark Rodekohr, “April 2001 Short-Term Energy Outlook,” The Journal of Energy and
Development, spring 2001, vol. 26, no. 2, pp. 213-224.
Abstract
The monthly average U.S. imported crude oil price in February 2001 was around $26.30 per
barrel or almost $30 per barrel for West Texas intermediate (WTI) crude, which was about level with
prices of the previous months. Barring a sharp drop in world oil consumption below current
expectations of the Energy Information Administration (EIA), no compelling case for rapidly declining
oil prices emerges from the world oil market outlook. The EIA expects the WTI spot price average to
remain near $30 per barrel for the rest of this year (2001). Prices are assumed to remain above $26 per
barrel through the forecast period. The balance of world oil demand and supply suggests a continuation
of the tight inventory situation in industrialized countries seen in 2000.
Keywords: U.S. short-term energy outlook, EIA
http://www.scribd.com/doc/26064958/April-2001-Short-Term-Energy-Outlook-by-Mark-Rodekohr
Kazuya Fujime, “Japan's Revised Long-Term Energy Supply and Demand Outlook,” The Journal
of Energy and Development, spring 2001, vol. 26, no. 2, pp. 225-234.
Abstract
This paper examines Japan’s energy policy blueprint, the “Long-Term Energy Supply and Demand
Outlook” released by the Advisory Committee for Energy in June 1998, which was designed to meet
specific Kyoto Protocol targets. To attain the Kyoto targets, by 2010 Japan had to curb its carbon dioxide
emissions to below 2 percent of their 1990 levels. However, by 1999, only two years after the outlook
had been unveiled, a growing number of voices had called for its revision. One contributing factor was an
accident at a nuclear-related facility that forced a considerable downward revision of Japan’s nuclear
power development plan. Additionally, there has been growing interest in utilizing more renewable
energy sources and possible legislation that would require greater use of renewable power and increased
subsidies. As a result, the “Long-Term Energy Supply and Demand Outlook” was revised and those
changes are outlined in this paper. These changes include: a downward revision of the nuclear power
development plan, raised utilization factor of existing nuclear power plants, increased energy
Abstracts from The Journal of Energy and Development

conservation needs, replacing nuclear power with renewable power sources (photovoltaic power
generation, wind power), and to what extent oil demand must decline and natural gas and coal usage rise.
Lastly, the author addressed the question of whether the Kyoto target is attainable.
Keywords: Japanese energy strategy, Japan nuclear energy, Kyoto targets
http://www.scribd.com/doc/26065234/Japan-s-Revised-Long-Term-Energy-Supply-and-DemandOutlook-by-Kazuya-Fujime
Hans-Holger Rogner, “Nuclear Power and Sustainable Energy Development,” The Journal of
Energy and Development, spring 2001, vol. 26, no. 2, pp. 235-258.
Abstract
The delegates to the Commission on Sustainable Development’s Ninth Session agreed to disagree
on the compatibility of nuclear power with the objectives of sustainable development, i.e., some countries
consider “nuclear power … a sustainable energy source with both economical and environmental
advantages,” and others do not. Because there is no technology without risk and wastes, it is essential to
foster a rational, balanced appraisal of all energy options, including all risks and benefits, in order to
identify a sustainable energy mix for any particular region or country. This paper uses six compatibility
criteria to gauge and compare the performance of nuclear power with other energy sources. It concludes
that because a major thrust of sustainable development is about maintaining valuable assets and keeping
options open, eliminating the nuclear option for future generations is imprudent. Keeping the option open
requires continuous efforts in the area of innovation.
Keywords: sustainable development, nuclear power, energy mix
http://www.scribd.com/doc/26065940/Nuclear-Power-and-Sustainable-Energy-Development-by-HansHolger-Rogner
Jean C. Davis, “Sustainability: One Firm’s Journey,” The Journal of Energy and Development,
spring 2001, vol. 26, no. 2, pp. 259-264.
Abstract
Different sectors of society will have different thoughts on what it means to pursue
sustainability. From a business perspective, sustainable development is the triple bottom line of
achieving strong financial results, operating in a safe, environmentally responsible manner, and
contributing to social progress. As a corporation, Conoco sees sustainable development as the foundation
for its vision of achieving sustainable growth. Committing to financial excellence, environmental
stewardship, and broad, ongoing contributions to social development earns Conoco its license to operate
and allows it to embrace new, value-creating opportunities by leveraging its capabilities to bring
sustainable solutions to customers and stakeholders. For the firm, the commitment to its core values of
safety and health, environmental stewardship, valuing all people, and business ethics combined with the
drive to deliver business excellence define the approach to sustainable development. The author
concludes that sustainability is simply good, responsible business.
Keywords: sustainable development, Conoco, corporate responsibility
http://www.scribd.com/doc/26066391/Sustainability-One-Firm%E2%80%99s-Journey-by-Jean-C-Davis

Abstracts from The Journal of Energy and Development

Kurt Abraham, “Factors Affecting Global Exploration and Production Plans,” The Journal of
Energy and Development, spring 2001, vol. 26, no. 2, pp. 265-282.
Abstract
This article evaluates the expected upstream energy spending and drilling activities for 2001 and
changes from their 2000 levels. The forecasts used in this paper are based on internally generated data,
surveys, and input by regular contributors to World Oil. Areas of focus include upstream energy
investments in the North America and an analysis of world drilling outlook. The author includes regional
upstream summaries for North America, South America, Western Europe, the Former Soviet Union,
Africa, Eastern Europe, the Far East, and the South Pacific. Additionally, there is an in-depth assessment
of the Brazilian energy sector including its national policy on lease sales, successful exploration and field
discoveries in the prolific Campos basin offshore, field development and drilling levels, and Petrobras’
impressive production levels.
Keywords: North American upstream energy spending, world drilling activities, exploration plans, Brazil,
Petrobras
http://www.scribd.com/doc/26066545/Factors-Affecting-Global-Exploration-and-Production-Plans-byKurt-Abraham
Paul D. Holtberg, “Can We Have A Bright Natural Gas Future With Near-Term Uncertainty?”
The Journal of Energy and Development, spring 2001, vol. 26, no. 2, pp. 283-300.
Abstract
This paper summarizes Gas Technology Institute’s expectations about near-term (2001 to 2004)
gas supply and price trends from the perspective of early 2001. In particular, it first focuses on trends in
natural gas demand, examining the implications for deliverability and price of the expanding summer gasdemand peak. The article explores the impact on deliverability of growing gas loads for electric power
generation. The disparities in regional gas growth and their implications are reviewed. Most important in
light of subsequent events, the study explores the potential impact of the weakening U.S. economy on gas
demand levels and price. The paper examines the implications of supply trends for deliverability and
price as well as the ramifications of the collapse in drilling in 1998/99 and its recent recovery. The
impact of rising depletion rates in the Gulf of Mexico for production are studied as are the consequences
of the changing patterns of production for gas deliverability and price. The paper concludes with a
summary of prospects for gas storage and imports in 2001 and future years and a projection of gas prices
for 2001 to 2003 based on the results of the analysis.
Keywords: U.S. natural gas, gas demand, power generation, gas deliverability, natural gas pricing, Gulf of
Mexico, storage, imports
http://www.scribd.com/doc/26066740/Can-We-Have-A-Bright-Natural-Gas-Future-With-Near-TermUncertainty-by-Paul-D-Holtberg

The Journal of Energy and Development
autumn 2000, volume 26, number 1
http://www.scribd.com/doc/25911911/The-Journal-of-Energy-and-Development-autumn-2000-volume26-number-1
Abstracts from The Journal of Energy and Development

Hao-Yen Yang, “Fuel Taxes and the Distribution of Income in Taiwan,” The Journal of Energy and
Development, autumn 2000, vol. 26, no. 1, pp. 1-18.
Abstract
In common with many other Asian newly industrialized countries (the so-called NICs), Taiwan is
experiencing a sustained high rate of growth of demand for fossil fuels along with a rapid economic
growth. The forms of fuel critical to economic development and their impact on the living conditions of
future generations have led to diverging public discussions. In Taiwan an environmentally motivated fuel
taxation is currently under consideration. The purpose of this paper is to evaluate the income-distribution
implications for the Taiwan economy of (1) a fuel tax on the carbon content of fossil fuels and (2) a fuel
tax on the heat content of fossil fuels. The estimates are derived from a five-household, 18-sector
computable general equilibrium model calibrated to a 1995 social accounting matrix. Our empirical
results based on Taiwan’s data show that both fuel taxes increase the Gini coefficient, which implies there
is a worsening in the distribution of income. For the lowest income group there is a relatively large
welfare and income loss but for the highest income group, relatively small welfare and income loss. The
distributional effects differ from household to household depending on the composition of total
consumption and the source of the factor income. Our findings reveal that the energy tax appears to be
mildly regressive and is broadly consistent with those cases of developed countries reported in previous
studies.
Keywords: fuel taxes, Taiwan energy demand, computable general equilibrium model, Gini coefficient,
income distribution, newly industrialized countries (NICs)
http://www.scribd.com/doc/26069634/Fuel-Taxes-and-the-Distribution-of-Income-in-Taiwan-by-HaoYen-Yang
Gawdat Bahgat, “The New Political Economy of Oil in the Arabian/Persian Gulf: A Comparative
Analysis,” The Journal of Energy and Development, autumn 2000, vol. 26, no. 1, pp. 19-34.
Abstract
Iran, Iraq, Kuwait, and Saudi Arabia combined hold more than half of the world’s proven oil
reserves and approximately one-quarter of its proven natural gas reserves. In the 1970s these four
countries nationalized their energy resources and banned international oil companies’ participation in the
upstream sector of the industry. Since the late 1990s, however, there have been increasing signs of
change in attitude and policy. This study examines the reasons and proposed changes in each country. It
highlights the similarities and differences among them and discusses the implication of opening up the oil
industry in the Arabian/Persian Gulf on the global energy market.
Keywords: upstream investment in the Gulf, national oil companies, international oil companies, Iran,
Iraq, Saudi Arabia, Kuwait
http://www.scribd.com/doc/26069790/The-New-Political-Economy-of-Oil-in-the-Arabian-Persian-GulfA-Comparative-Analysis-by-Gawdat-Bahgat
Øystein Noreng, “Liberalization, Integration, and Specialization: The Restructuring of the
European Oil Industry,” The Journal of Energy and Development, autumn 2000, vol. 26, no. 1, pp.
35-54.
Abstract
By the turn of the 20th century, the European oil industry is undergoing a profound restructuring
due to changes in the external environment and the need of the industry to consolidate. Since the 1970s
Abstracts from The Journal of Energy and Development

the European Union has been striving to open energy markets to competition. The most apparent success
has been in the oil and oil products markets, with France abandoning its import and refining quota system
in 1978. Likewise, new member countries Finland, Greece, Portugal, and Spain had to liberalize their oil
markets. This was followed up by a privatization of the state oil companies. The current liberalization of
the electricity and gas markets opens new business opportunities for oil companies, but in some cases gas
market liberalization also threatens established positions.
The industrial dynamics seem to affect oil company downstream (oil refining and distribution)
and upstream (exploration and production) operations in opposite ways. The hypothesis is that this will
enhance the differentiation of the oil industry. The author argues that downstream economies of scale are
enhanced by open markets. Economies of scale provide the basis for large units in refining and
distribution, which will have both incentives and resources to move into power generation and gas
trading, if they are not there already. This trend toward horizontal integration across energy markets and
national boundaries represents a potential for oligopoly development, so that relatively more of the
economic rent accruing from oil could be realized downstream.
The upstream picture is more complex. As the resource base matures, prospects become smaller
and more heterogeneous, and economies of scale are less evident. In short, the stage may be set for a
growing dichotomy of the European oil industry: huge integrated companies, with considerable market
power in oil, gas, and electricity, coexisting with a growing number of specialized upstream companies.
This is pertinent to the division of economic rent from oil and gas.
Keywords: European Union (EU), EU energy market liberalization, downstream oil companies, upstream
oil companies, privatization, oil and gas economic rent
http://www.scribd.com/doc/26069964/Liberalization-Integration-and-Specialization-The-Restructuringof-the-European-Oil-Industry-by-%C3%98ystein-Noreng
Hendrik Van den Berg and Atrayee Ghosh Roy, “Are Petroleum Exports an Engine for Growth?
Time-Series Evidence for Five Oil Exporters,” The Journal of Energy and Development, autumn
2000, vol. 26, no. 1, pp. 55-70.
Abstract
Researchers have repeatedly confirmed that international trade and economic growth are
positively related, yet some writers still doubt that primary exports can promote long-run economic
growth. The sharp rises in oil prices in the 1970's and 2000 suggest that petroleum exports may be a
better “engine for growth” than other primary products. Using modern time-series methods and a
simultaneous equation regression model, the relationship between petroleum exports and economic
growth is tested for five petroleum exporters. The results were mixed: petroleum exports were not related
to growth in Nigeria, and they were a weaker influence than other exports in Iran and Mexico. In
Ecuador and Venezuela, however, petroleum exports were more important for economic growth than
other exports. Thus, in general, petroleum exports are not necessarily better or worse than other exports
in serving as an engine of growth.
Keywords: international trade-economic growth relationship, oil-exporting economies, Nigeria, Iran,
Mexico, Venezuela, Ecuador, primary exports and economic growth, simultaneous equation regression
model
http://www.scribd.com/doc/26070149/Are-Petroleum-Exports-an-Engine-for-Growth-Time-SeriesEvidence-for-Five-Oil-Exporters-by-Hendrik-Van-den-Berg-and-Atrayee-Ghosh-Roy
Mohammed Akacem, “Algeria’s Oil Policy: The Battle for Control,” The Journal of Energy and
Development, autumn 2000, vol. 26, no. 1, pp. 71-76.
Abstracts from The Journal of Energy and Development

Abstract
Algeria has earned its reputation of being a price hawk within the Organization of the Petroleum
Exporting Countries (OPEC) and very much committed to keeping its hydrocarbon reserves under
government control. It was instrumental in leading to the ownership change by nationalizing the oil
sector and taking control of production and pricing policy in 1971. Times have changed, however. A
new hydrocarbon law that has yet to be debated in parliament and whose details are unclear has led to the
dismissal of the head of state-owned oil/gas company Sonatrach as well as to strikes by the energy-sector
workers. At the heart of the discontent is who should be charge of the nation’s oil policy. The oil
minister is said to want all decisions concerning the energy field to be taken primarily by the government
and his ministry in particular. The head of Sonatrach wanted control and was in favor of a more gradual
approach to privatizing the company. At this time, it is unclear how this will ultimately unfold but the
labor unions are certain to put up a stiff opposition to any change in ownership away from the
government.
Keywords: Algeria oil policy, Sonatrach, Ministry of Oil and Gas
http://www.scribd.com/doc/26071010/Algeria%E2%80%99s-Oil-Policy-The-Battle-for-Control-byMohammed-Akacem
Nadeem A. Burney and Nadia Al-Mussallam, “Socioeconomic Development and Public
Expenditure: Evidence from an Oil-Exporting Gulf Economy,” The Journal of Energy and
Development, autumn 2000, vol. 26, no. 1, pp. 77-108.
Abstract
This paper examines the relationship in Kuwait between public expenditure and a number of
socioeconomic variables, including the level of income. The paper derives a general form of the public
expenditure function, which is estimated using time-series data covering the period from 1969/1970 to
1994/1995. Given the characteristics of the economy, alternative measures for each variable are used.
The findings do not lend support to any relationship between public expenditure and the level of income
as implied by Wagner’s law. Some of the main factors that were found to have contributed to the growth
in public expenditure are economic structure, degree of economic openness, and financial development.
Keywords: Kuwait, socioeconomic development, public expenditures function, Wagner’s law
http://www.scribd.com/doc/26071635/Socioeconomic-Development-and-Public-Expenditure-Evidencefrom-an-Oil-Exporting-Gulf-Economy-by-Nadeem-A-Burney-and-Nadia-Al-Mussallam
Huei-Chu Liao and Tsung-Hsien Yu, “An Examination of Current Crude-Oil Price Formulas,” The
Journal of Energy and Development, autumn 2000, vol. 26, no. 1, pp. 109-126.
Abstract
World crude oils are very different in their characteristics such as sulfur content and specific
gravity. This phenomenon, combined with the volatility of energy prices, bring confusion for most
market participants in deciding a right price for a crude. The hedonic model is used here to find a real
price of world crude oils; it is a model widely used to determine the prices for products with different
quality such as cars, houses, or even eggs. By considering the specialty in the oil industry and world oil
market, the prices of 48 of the more popular crudes in 1995 and 1996 are selected to analyze the real
crude oil prices. The empirical outcomes show that the hedonic model successfully links the relationship
of crude-oil price and its quality, which appears more acceptable for both producers and consumers
compared to other formulas.
Abstracts from The Journal of Energy and Development

Keywords: oil price formulas, hedonic model, crude oil types
http://www.scribd.com/doc/26071929/An-Examination-of-Current-Crude-Oil-Price-Formulas-by-HueiChu-Liao-and-Tsung-Hsien-Yu
M. Nagy Eltony and Naief H. Al-Mutairi, “Economic Development and Financial Deepening
Revisited: A Case Study of Kuwait,” The Journal of Energy and Development, autumn 2000, vol. 26,
no. 1, pp. 127-138.
Abstract
The purpose of this study is to examine empirically the relationship between economic
development and financial-sector performance in Kuwait. In particular, the main objective is to
investigate econometrically the direction of the causal relationship between real economic growth and
some measures of financial deepening and their policy implications. The empirical results gave support
for the supply-leading hypothesis that financial deepening is an engine for real economic growth in
Kuwait. However, the empirical evidence also points out that the demand-following hypothesis is also
valid in Kuwait. In other words, there is evidence of the coexistence of supply-leading and demandfollowing processes. Thus, while financial deepening is the engine of real economic growth, economic
development itself would feed back and cause more financial deepening in the financial sector.
Keywords: Kuwait economic development, Kuwait financial sector, causality between economic growth
and financial deepening, supply-leading hypothesis
http://www.scribd.com/doc/26072241/Economic-Development-and-Financial-Deepening-Revisited-ACase-Study-of-Kuwait-by-M-Nagy-Eltony-and-Naief-H-Al-Mutairi

The Journal of Energy and Development
spring 2000, volume 25, number 2
http://www.scribd.com/doc/25912970/The-Journal-of-Energy-and-Development-spring-2000-volume-25number-2
Said A. Al-Shaikh, “Foreign Direct Investment in Saudi Arabia: Stimulating Structural Changes
and Global Integration,” The Journal of Energy and Development, spring 2000, vol. 25, no. 2, pp.
143-164.
Abstract
This paper looks at the relatively low level of foreign direct investment (FDI) in Saudi Arabia. For
Saudi Arabia, FDI is not only an important means of maintaining economic growth but a way of
increasing global integration, playing a role in the privatization program, and in the provision of physical
and social infrastructures. The author argues that there is evidence that FDI provides the host country
with organizational competence, managerial and marketing expertise, technology, and learning
experiences. The author also includes a comparison with FDI in East Asia and evaluates FDI flow
patterns in Saudi Arabia, Venezuela, Singapore, Malaysia, Indonesia, and South Korea. For FDI to
expand its role in the Saudi Arabian economy, it is going to require a greater acceptance of the need for
deregulation, market liberalization, and the removal of a variety of control and regulatory impediments
that have created disincentives for FDI in the past.
Keywords: foreign direct investment (FDI), Saudi Arabia, FDI benefit, East Asia
Abstracts from The Journal of Energy and Development

http://www.scribd.com/Foreign-Direct-Investment-in-Saudi-Arabia-Stimulating-Structural-Changes-andGlobal-Integration-by-Said-A-Al-Shaikh/d/26074507
Dan Whelan, “An Overview of Future Canadian Oil Development,” The Journal of Energy and
Development, spring 2000, vol. 25, no. 2, pp. 165-171.
Abstract
The purpose of this paper is to provide a brief overview of projected Canadian oil supply development
over the 2000-2010 time period. The focus will be primarily on the prospects for development from
nontraditional areas, the bituminous sands of Alberta and the east coast offshore. The presentation is
divided into five parts: a description of Canada’s oil resource endowment and current proven oil reserves;
a review of exports over the recent past; the prospects for development over the next 10 years and its
impact on production and exports; and a description of some of the major policy and market issues faced
by the Canadian oil sector.
Keywords: Canadian oil sands, Canadian oil development, oil exports, policy issues
http://www.scribd.com/doc/26074682/An-Overview-of-Future-Canadian-Oil-Development-by-DanWhelan
Hisanori Nei, “The Transformation of Japanese Energy Policy,” The Journal of Energy and
Development, spring 2000, vol. 25, no. 2, pp. 173-185.
Abstract
In the late 1990s, Japan confronted a number of critical elements that may produce a change in its
energy policy. Five of these major factors affecting Japan’s energy picture are discussed: (1) a decline in
the country’s total energy consumption; (2) a nuclear accident in late 1999, delaying the construction of
new plants; (3) a failure to renew a major Middle Eastern oil concession thus increasing concerns about
the stability of crude oil supplies to Japan; (4) acceleration of deregulation, which will change the way the
government meets its energy policy objects; and (5) a focus on climate change and meeting Kyoto
Protocol targets. The author places Japanese energy usage in comparison to the nine other largest energyconsuming nations and outlines Japan’s three “E” energy policy: energy supply, economic growth, and
environmental protection. The paper makes the following conclusions regarding Japan’s energy policy:
nuclear power will not be dropped from the energy strategy; there will be more diversification away from
Middle East energy suppliers; more natural gas infrastructure will be built; new tax schemes pertaining to
coal and oil production will be enacted; and there will be increasing incentives to use renewable energy
resources and expanded efforts to improve energy efficiency.
Keywords: Japan’s energy policy, economic growth, nuclear energy, Kyoto Protocol, energy
diversification, renewable energy
http://www.scribd.com/doc/26074797/The-Transformation-of-Japanese-Energy-Policy-by-Hisanori-Nei
Øystein Noreng, “The New Balance of Private and Public Interests in the Restructuring of the
Petroleum Industry − A European Perspective,” The Journal of Energy and Development, spring
2000, vol. 25, no. 2, pp. 187-202.
Abstract
The main argument of this paper is that energy markets invite political intervention because
commercial energy is an essential productive factor and because energy markets are inherently imperfect.
The current changes in Europe, with the opening of gas and power markets and privatization, do not mean
that governments will be less interested in energy matters, but rather that governments will act in more
indirect ways. The importance of oil, and its control, is presented within a historical context of U.S. and
European public policies. Topics addressed in this paper include: the record of state intervention in the
Abstracts from The Journal of Energy and Development

oil industry to secure national interests for both consuming and producing nations; public ownership and
regulation; the deregulation of parts of the European energy sector; and rivalry for oil and markets.
Keywords: European energy market, European deregulation, oil and politics, energy privatization, U.S.
policy
http://www.scribd.com/doc/26075923/The-New-Balance-of-Private-and-Public-Interests-in-theRestructuring-of-the-Petroleum-Industry-%E2%88%92-A-European-Perspective-by-%C3%98ysteinNoreng
Kurt S. Abraham, “A Revised Global Drilling Outlook for 2000 and Update on Iraq,” The Journal
of Energy and Development, spring 2000, vol. 25, no. 2, pp. 203-215.
Abstract
This article evaluates the expected upstream energy spending and drilling activities for 2000 and
changes from their 1999 levels. The forecasts used in this paper are based on internally generated data,
surveys, and input by regular contributors to World Oil. Areas of focus include upstream energy
investments in the North America and an analysis of world drilling outlook. The author includes revised
drilling forecasts for 59 countries and regional upstream summaries for North America, South America,
Western Europe, the Former Soviet Union, Africa, Eastern Europe, the Far East, and the South Pacific.
Additionally, there is an in-depth assessment of the Iraqi upstream sector.
Keywords: U.S. upstream energy spending, world drilling activities, exploration plans, Iraqi upstream
sector
http://www.scribd.com/doc/26109843/A-Revised-Global-Drilling-Outlook-for-2000-and-Update-on-Iraqby-Kurt-Abraham
Eugene M. Khartukov, “Russia's Oil Business: Any Niche for a National Oil Company?” The
Journal of Energy and Development, spring 2000, vol. 25, no. 2, pp. 217-238.
Abstract
After a period of dramatic decentralization and privatization of Russia’s oil industry in the 1990s,
which transformed the wholly state-run oil distribution system into mostly privatized companies, the
pendulum of oil control has started to swing back in 2000. This paper asks if there is any role for a
national oil company in Russia again or has the liberalization of the Russian oil markets passed the point
of no return. Topics presented include: a summary of the leading players in the Russian oil sector; the
hasty sale of Russian oil companies; Russia’s new oil oligarchs; a merger frenzy with the newly
privatized oil companies; the expropriating of expropriators; state-backed monopolization; international
investors in the new Russian companies; and an assessment of attempts to recreate a state-owned oil
company.
Keywords: Russian oil sector; Russian private-sector oil companies, Russian oil policies, market
privatization, national oil companies
http://www.scribd.com/doc/26110041/Russia-s-Oil-Business-Any-Niche-for-a-National-Oil-Companyby-Eugene-M-Khartukov
Mohammed Sadeqi, “Arab Power Utilities: Keeping Pace with Demand,” The Journal of Energy
and Development, spring 2000, vol. 25, no. 2, pp. 239-258.
Abstract
Abstracts from The Journal of Energy and Development

This paper looks at the past, current, and future of electric utilities in Arab countries. It outlines the
challenges that these utilities are facing in terms of meeting rapidly growing electricity demand, the need
to modernize out-dated institutional structures, and how to finance the necessary expansion in power
capacity. The author presents ideas and options for policy makers, the Arab utilities, funding agencies,
and the private sector to assist in finding the ways and means to meet the electricity demand necessary to
continue economic growth and social progress.
Keywords: Arab power demand, electricity demand, policy
http://www.scribd.com/doc/26110169/Arab-Power-Utilities-Keeping-Pace-with-Demand-by-MohammedSadeqi
Jean-Pierre Jonchère, “Gas/Power Synergy: A Least-Cost and Environmentally Sensitive Option,”
The Journal of Energy and Development, spring 2000, vol. 25, no. 2, pp. 259-276.
Abstract
After years of dominance by coal and fuel oil, other hydrocarbons are staging a massive comeback in
the power generation sector, except this time the lighter components are being used. This is the result of a
twofold technological breakthrough in symbiosis with major institutional and regulatory changes. This
preference for hydrocarbons should allow natural gas to grow at a rate of at least 3 percent per year, with
two-thirds of the increment being destined for the new electric power plants.
Natural gas and its liquids benefit from a strong competitiveness based on combined cycle due to a
superior efficiency associated with lower-priced natural gas supplies in areas like Western Europe. With
such trump cards, no wonder that light hydrocarbons have become the preferred fuel of independent
power producers (IPP) as well as utilities companies. Eventually natural gas in power generation is
shown, in a report prepared by ENI and the French Petroleum Institute (FTP), as the obvious spearhead of
a strategy aiming to fulfil the Kyoto targets.
Keywords: natural gas power generation, natural gas efficiency, Kyoto targets
http://www.scribd.com/doc/26110356/Gas-Power-Synergy-A-Least-Cost-and-Environmentally-SensitiveOption-by-Jean-Pierre-Jonchere
John Roberts, “Turkey as a Major Energy Driver,” The Journal of Energy and Development, spring
2000, vol. 25, no. 2, pp. 239-258.
Abstract
Turkey is the fastest growing energy market in Europe and a magnet for energy suppliers given its
own domestic energy constraints. This paper addresses some of the critical issues that Turkey faces as a
major energy importer and challenges as a transit bridge for Caspian energy flowing into European
markets. Turkey’s per-capita energy consumption today is far lower than most other OECD states, but
this trend is expected to change as demand soars in the future, making energy imports even more vital.
The author looks at the role of Caspian natural gas imports as a part of Turkey’s future energy equation.
Turkey’s two main indigenous sources of energy, hydropower and lignite (problematic for environmental
reasons), will not be able to address the country’s longer-term energy needs. Other topics covered in this
article include: projections of Turkey’s energy demand to 2020, an overview of gas import agreements,
and a assessment of Turkey’s role as an energy bridge. Additionally, the author provides an overview of
some planned and existing pipeline projects (Trans-Balkan, the Iran Line, the East-West Trunkline, and
the “Blue Stream” Line).
Keywords: Turkey, Turkish energy demand, Caspian gas, Caspian pipelines, gas agreements
http://www.scribd.com/doc/26110581/Turkey-as-a-Major-Energy-Driver-by-John-Roberts
Abstracts from The Journal of Energy and Development

The Journal of Energy and Development
autumn 1999, volume 25, number 1
http://www.scribd.com/doc/25913291/The-Journal-of-Energy-and-Development-autumn-1999-volume25-number-1
Lester C. Hunt, Claudio Salgado, and Andy Thorpe, “The Policy of Power and the Power of Policy:
Energy Policy in Honduras,” The Journal of Energy and Development, autumn 1999, vol. 25, no. 1,
pp. 1-36.
Abstract
The rapid industrialization of Latin America in the post-World War II period that resulted in
growing demand for energy in the region has led, at times, to various supply constraints resulting in
excess demand. In Central America the absence of known depletable energy resources allied to a
shortage of foreign exchange has ensured an almost exclusive dependency upon hydropower sources for
electricity generation.
In the case of Honduras, the reliance on hydro proved costly. Environmental degradation resulted
in serious energy shortages in 1994/5 with electricity being rationed for up to 12 hours each day. As a
direct consequence, gross domestic product growth declined, the import bill rose due to the switch to
alternative fossil fuel sources, and air pollution increased because of increased generator usage. This
paper traces the evolution of energy supply and demand in Honduras, showing why the crisis of the 1990s
emerged. It then forecasts future energy demand and examines the way this demand might be met.
Keywords: Honduras, energy policy, electricity shortages, hydropower, environmental degradation,
energy supply and demand
http://www.scribd.com/doc/26117549/The-Policy-of-Power-and-the-Power-of-Policy-Energy-Policy-inHonduras-by-Lester-C-Hunt-Claudio-Salgado-and-Andy-Thorpe
Donald Vandegrift and Vincent DiCaro, “Income, Population Density, and Residential Energy Use:
An Analysis of U.S. States,” The Journal of Energy and Development, autumn 1999, vol. 25, no. 1,
pp. 37-45.
Abstract
This paper seeks to add to our understanding of residential energy use. It examines data on
residential energy consumption for the U.S. states and argues that higher incomes do not necessarily lead
to higher residential energy consumption. While the principal determinants of residential energy
consumption are often directly related to income, these effects are offset by location decisions, e.g.,
increases in income induce changes in housing characteristics that lead to higher residential energy use.
However, higher incomes are also associated with higher population densities. The higher population
densities induce changes in housing characteristics that reduce residential energy consumption. Thus, the
higher population densities offset the effect of the higher income on residential energy consumption.
Keywords: U.S. residential energy use, energy use and income level, energy use and population density
http://www.scribd.com/doc/26117676/Income-Population-Density-and-Residential-Energy-Use-AnAnalysis-of-U-S-States-by-Donald-Vandegrift-and-Vincent-DiCaro
Abstracts from The Journal of Energy and Development

Hoang Tieu Dung and Awais Latif Piracha, “Pricing Natural Gas for Better Environment and
Economy: A Case of the Power Sector in Southern Vietnam,” The Journal of Energy and
Development, autumn 1999, vol. 25, no. 1, pp. 47-70.
Abstract
Large reserves of oil and natural gas have been discovered in Vietnam. It is estimated that
Vietnam has approximately 2,000 billion cubic meters of gas reserves. Energy policies focused on
environmental protection favor exploitation of the natural gas. For the rapid diffusion of gas, its proper
pricing policy is necessary, a major element of which is determination of its economic value. Being the
main gas consumers in southern Vietnam, power producers should know the value of gas for electricity
production. In this study, the value of gas has been determined using a WASP-III model, which gives the
least-cost expansion plan for power generation for southern Vietnam. This value has been calculated for
different scenarios of gas volume, fuel price, discount rate, plant efficiency, and gas heat value. The
results of this study lead to the conclusion that both Vietnam and its foreign partners can have substantial
economic gains by developing gas. Environmental benefits will be an added advantage for Vietnam if
gas use is encouraged.
Keywords: natural gas in Vietnam, natural gas pricing, energy and the environment, modeling value of
gas
http://www.scribd.com/doc/26117872/Pricing-Natural-Gas-for-Better-Environment-and-Economy-ACase-of-the-Power-Sector-in-Southern-Vietnam-by-Hoang-Tieu-Dung-and-Awais-Latif-Piracha
F. Gerard Adams and Yochanan Shachmurove, “Energy Consumption and Economic Growth in
East Asia: Implications of the East Asian Crisis,” The Journal of Energy and Development, autumn
1999, vol. 25, no. 1, pp. 71-85.
Abstract
The rapid growth of the East Asian economies promised very substantial impacts on the world
energy economy. Not only does energy consumption increase more than proportionately with economic
growth, but East Asia on balance is an energy-deficit region. Moreover, very large countries, particularly
China, are now part of the East Asian “miracle” process. This translated into expected rapid growth of
demand for Middle Eastern oil and the expectation that oil demand would outrun supply, thus causing
prices to rise.
The 1997 crisis has changed this outlook. This paper models East Asian energy growth and
evaluates the consequences of alternative scenarios of crisis and recovery. Even if the rapid growth rates
observed in East Asia for the last 20 years resume, the path of energy demand expansion will be
substantially lower than had earlier been anticipated. If the recession extends for some additional years
and/or if the long-run growth path turns out to be significantly slower than in the past, the energy demand
picture into the first part of the next century will be dramatically lower than had been envisioned. This is
likely to affect particularly the demand for petroleum. The impact of these developments was already
being felt in world energy markets in 1998 and early 1999.
Keywords: East Asian energy demand, 1997 East Asian economic crisis, models of East Asian energy
growth
http://www.scribd.com/doc/26118006/Energy-Consumption-and-Economic-Growth-in-East-AsiaImplications-of-the-East-Asian-Crisis-by-F-Gerard-Adams-and-Yochanan-Shachmurove

Abstracts from The Journal of Energy and Development

Joëlle Germain and Christophe Armengol, “Gulf of Guinea: A Deep Offshore Opportunity,” The
Journal of Energy and Development, autumn 1999, vol. 25, no. 1, pp. 87-95.
Abstract
For nearly 30 years, oil has been the principal resource of the Gulf of Guinea region, providing oil
export revenues to the four countries of Nigeria, Angola, Gabon, and Congo-Brazzaville. This paper
provides an overview of substantial new deepwater hydrocarbon reserves in the Gulf of Guinea and the
implications for its development. However, the geological optimism for development of these resources
is tempered by the economic and political difficulties of the area’s four oil-producing countries, whose
situations are presented in this paper. The technology that will enable the development of these deep
offshore projects is also discussed. The authors provide a summary of existing reserve, exploration, and
production activity in the Gulf. They conclude that in the years to come, the Gulf of Guinea will remain a
major oil-producing region and that natural gas production should develop in Nigeria.
Keywords: Gulf of Guinea oil, deepwater oil exploration, Nigeria, Angola, Gabon, Congo-Brazzaville
http://www.scribd.com/doc/26118226/Gulf-of-Guinea-A-Deep-Offshore-Opportunity-by-Joelle-Germainand-Christophe-Armengol
Jean-Marie Bourdaire, “Empowering the Poor: Possible Lessons from the International Energy
Experience,” The Journal of Energy and Development, autumn 1999, vol. 25, no. 1, pp. 97-112.
Abstract
This paper looks at the issues surround the electricity market and what lessons can be applied to
developing countries from the reform experiences of the European and U.S. markets. Electricity is
critical for economic development, and the lack of reliable electricity in many developing countries is
hampering economic growth and harming the poor. This paper evaluates the experiences of some of the
OECD countries in terms of electricity pricing, subsidies, market reform drivers, transmission and
distribution costs, the management of distribution and supply, and empowering the customer. Electricity
market reforms that are successful give choice to the end users and ensure that electricity tariffs will be
paid. The author concludes that bottom-up approaches and empowering the end-consumer via the use of
cost-reflective price signals are the best way to deliver low-cost and sustainable electricity.
Keywords:
OECD

electricity market, electricity reform, electricity and socioeconomics, electricity pricing,

http://www.scribd.com/doc/26118477/Empowering-the-Poor-Possible-Lessons-from-the-InternationalEnergy-Experience-by-Jean-Marie-Bourdaire
Ramadan Al-Sharrah and Turki Alshimmiri, “Toward More Effective Foreign Investments: A
Case Study of Kuwait Petroleum Corporation,” The Journal of Energy and Development, autumn
1999, vol. 25, no. 1, pp. 113-125.
Abstract
This study deals with the foreign investment activities of Kuwait Petroleum Corporation (KPC)
and how the firm may evolve under the steadily expanding phenomena of free economy and
globalization. It also evaluates the investment policies currently adopted by the KPC as well as the
problems it faces and enumerates a specific set of proposals that guarantee promotion of KPC’s oil
investment revenues. All these issues are based on the supposition that KPC will continue to maintain its
great importance to the Kuwaiti economy and as a source of national wealth. It also supposes that the
continuity of current KPC investment policies will not result in increased revenues. The study finds that
the performance of KPC’s subsidiaries is not satisfactory as the subsidiaries’ contribution is not
Abstracts from The Journal of Energy and Development

significant to the firm’s overall financial performance. Some recommendations are suggested in order to
improve the performance of the corporation.
Keywords: Kuwait Petroleum Corporation (KPC), foreign investment strategy, Kuwait, KPC subsidiaries
http://www.scribd.com/doc/26118656/Toward-More-Effective-Foreign-Investments-A-Case-Study-ofKuwait-Petroleum-Corporation-by-Ramadan-Al-Sharrah-and-Turki-Alshimmiri

The Journal of Energy and Development
spring 1999, volume 24, number 2
http://www.scribd.com/doc/25916180/The-Journal-of-Energy-and-Development-spring-1999-volume-24number-2
Øystein Noreng, “The Euro and the Oil Market—New Challenges to the Industry,” The Journal of
Energy and Development, spring 1999, vol. 24, no. 2, pp. 159-187.
Abstract
The euro has the potential to put an end to the U.S. and dollar hegemony in world trade and
finance, so far not disputed. The euro has, however, little chance of establishing its own hegemony
comparable to that of the U.S. dollar. After a period of competitive substitution, there will be a
competitive coexistence between the euro and the dollar. Oil trade could play an important part in this
game, but any serious challenge to the position of the dollar raises huge risks for the oil industry. The oil
producers would only have an interest in pricing their crude in the euro if it appreciates against the dollar.
Even if European demand does not count much in the formation of oil prices, the North Sea production
and the Brent market have an important role. The Brent market largely determines oil prices in the
Atlantic, in the Mediterranean, in the Gulf, and even in Asia. For the establishment of the euro as a
currency of international trade, a conversion of the Brent market to euros would be an important victory.
The game is, however, as much political as economic. Within the OPEC, Iran, Iraq, and Libya could have
a political interest in hurting the United States by pricing their oil in euros. In the North Sea, Britain and
Norway could have an economic interest in pricing their oil in euros, but their political links with the
United States could weigh in the opposite direction. The stakes are enormous. The North Sea and the
Gulf producers will essentially decide the outcome.
Keywords: oil pricing in dollars, U.S. dollar versus euro, currencies, oil and currencies
http://www.scribd.com/doc/26118823/The-Euro-and-the-Oil-Market%E2%80%94New-Challenges-tothe-Industry-by-%C3%98ystein-Noreng
Mark Rodekohr, “Short-Term Energy Outlook, April 1999—Summer Gasoline Outlook,” The
Journal of Energy and Development, spring 1999, vol. 24, no. 2, pp. 189-201.
Abstract
This paper is an overview of the short- to medium-term oil market outlook provided by the Energy
Information Administration (EIA). The EIA is the U.S. government’s energy statistical agency and is in
charge of collecting and disseminating most of the energy-related governmental statistics and analysis,
including publishing projections of energy supply, demand, and prices. This paper covers short-term
(1999-2000) projections for oil demand, oil supply, and price scenarios. It evaluates energy demand
Abstracts from The Journal of Energy and Development

growth, oil reserves and supply factors, inventory levels, U.S. crude oil and gasoline market cycles,
natural gas demands, and overall energy trends.
Keywords: oil market forecasts, oil price projections, U.S. energy supply and demand, EIA short-term
forecasts
http://www.scribd.com/doc/26118978/Short-Term-Energy-Outlook-April-1999%E2%80%94SummerGasoline-Outlook-by-Mark-Rodekohr
Kurt S. Abraham, “What Is the Status of Iraq’s Upstream Sector?” The Journal of Energy and
Development, spring 1999, vol. 24, no. 2, pp. 203-214.
Abstract
The subject of this paper is the status of the Iraqi upstream oil industry and its relationship to the
United Nations-approved oil-for-food program (as of 1999). The author provides an assessment of the
often opaque Iraqi oil sector and looks at the following questions: what is the real level of Iraqi
production; what is the true physical condition of the Iraqi oil fields; what is the status of spare parts
contracts and how will they impact performance; and, how much is the Iraqi oil infrastructure capable of
achieving in the near term? An in-depth analysis of the oil-for-food program is provided along with
revenues, contracts, and sales.
Keywords: U.N.-Iraq oil-for-food program, Iraqi oil production, Iraqi oil sector in 1999
http://www.scribd.com/doc/26119086/What-Is-the-Status-of-Iraq%E2%80%99s-Upstream-Sector-byKurt-S-Abraham
Mohammed Akacem and Fred R. Glahe, “OPEC’s Road Ahead,” The Journal of Energy and
Development, spring 1999, vol. 24, no. 2, pp. 215-222.
Abstract
The increases in the price of oil from spring 1999 through early 2000 are primarily the result of
the reduction in the world supply of oil by approximately 4.3 millions of barrels per day. Secondary
factors, such as the severe winter in the Northeastern United States and the rapid recovery of the Asian
economies, contributed to an unexpected increase in demand. The Organization of the Petroleum
Exporting Countries (OPEC) was the primary source of production cutbacks. However, within OPEC it
is Saudi Arabia and Kuwait that have had sufficient surplus capacity (65 percent of OPEC’s total) to play
a major role in the global price of oil. The increment was greater than OPEC expected and desired. The
current problem facing OPEC is how to manage a gradual reduction in the price of oil to a long-term
stable level that will be in the best interest of Saudi Arabia and Kuwait without having significant adverse
affects on the other members.
Keywords: OPEC, oil-pricing, oil quotas, OPEC surplus production capacity
http://www.scribd.com/doc/26119263/OPEC%E2%80%99s-Road-Ahead-by-Mohammed-Akacem-andFred-R-Glahe
Eugene M. Khartukov, “East Asia’s Energy Security: A Russian Perspective?” The Journal of
Energy and Development, spring 1999, vol. 24, no. 2, pp. 223-257.
Abstract
Abstracts from The Journal of Energy and Development

Russia’s Far East and East Siberia are emerging as major sources of energy supplies for Northeast
Asian fuel markets. This will reshape the matrix of the Asia-Pacific energy flows and may also radically
repaint the existing patterns of the region’s geopolitical relationships. Both the increasing foreign
participation in developing energy exports from Russia’s Far East and the resultant political rivalry over
the control of these booming energy developments raise the acute issue of energy security in both general
and specific meanings of these words. The related concerns would argue in favor of creating a regional,
East Asian system of securing energy supplies.
Keywords: Russia’s Far East, Russia natural gas and oil exports, East Asian energy security, RussianAsian relations
http://www.scribd.com/doc/26119373/East-Asia%E2%80%99s-Energy-Security-A-Russian-Perspectiveby-Eugene-M-Khartukov
Masao Takagi and Hideaki Fujii, “A Changing Global Oil Market and Emergency Oil Stocks for
Asian Economies,” The Journal of Energy and Development, spring 1999, vol. 24, no. 2, pp. 259-274.
Abstract
The world oil demand/supply situation has changed dramatically since the 1990s, which has
consequently affected the global oil market substantially. With an acceptable degree of stability in the
international oil market, the dependence of Asian oil-consuming economies on the Middle East exporters
is projected to grow, which means possible vulnerability in oil supply security for the Asian economies
also would increase. Simultaneously, for the Middle Eastern oil exporters, the Asian economies are
indispensable partners in the development of their countries thorough the trade of crude oil and oil
products, especially in the next decade (the 2000s). It might be worthwhile to assess the establishment of
an emergency stockpile system in the Asia-Pacific region through cooperation with the Middle Eastern oil
exporters.
Thus, this article sketches a rough example of the Asian Strategic Petroleum Reserve (ASPR), in
which general rules for terms and conditions of draws from the oil reserves would be decided by a
steering committee in a more flexible manner than that of the IEA and based on mutual reliance and
cooperation between the Asian oil-consuming economies and Middle East exporters.
Keywords: Asian petroleum reserve, Asian oil supply security, Middle East energy supplies
http://www.scribd.com/doc/26120461/A-Changing-Global-Oil-Market-and-Emergency-Oil-Stocks-forAsian-Economies-by-Masao-Takagi-and-Hideaki-Fujii
Mohammed Sadeqi and Abdullah Al-Naibari, “The Electricity Sector in Africa: Confronting the
Challenges of Demand,” The Journal of Energy and Development, spring 1999, vol. 24, no. 2, pp.
275-290.
Abstract
This paper assesses the challenges facing the electricity sector in six West-Central African countries:
Côte d’Ivoire, Ghana, Togo, Benin, Mali, and Burkina Faso. Reliable and accessible electricity is critical
to ensuring social and economic development; yet, the costs of financing, operating, and maintaining
electricity plants is extremely expensive. The countries of Côte d’Ivoire, Ghana, Togo and Benin have
constituted an interconnected power pool in West Africa (the WCAS subregion) since the 1980s. Two
additional nations, Mali and Burkina Faso, are planning to be interconnected with Côte d’Ivoire and
Ghana in the future. These six WCAS countries share common bases that can work as driving forces
toward an integrated regional economy. The authors conclude that there is major demand for future
electricity power in this region, but the regional electricity sector will require an investment in the range
Abstracts from The Journal of Energy and Development

of U.S. $300 million annually for a decade to expand capacity. In order to finance these projects, loans
from international agencies are necessary. The paper focuses on the role that the Kuwait Fund for Arab
Economic Development is playing in providing external assistance to the WCAS countries to finance
their electricity projects and promote sustainable economic development in the region.
Keywords: electricity in West Africa, Ghana, Togo, Benin, Côte d’Ivoire, Burkina Faso, Kuwait Fund for
Arab Economic Development, West-Central African power pool
http://www.scribd.com/doc/26120580/The-Electricity-Sector-in-Africa-Confronting-the-Challenges-ofDemand-by-Mohammed-Sadeqi-and-Abdullah-Al-Naibari
Sanaa El Banna, “A New Era for Natural Gas Applications in Egypt,” The Journal of Energy and
Development, spring 1999, vol. 24, no. 2, pp. 291-301.
Abstract
This paper looks at the growing role of natural gas in Egypt’s energy sector. In order for Egypt to
meet its own domestic natural gas demand, to reduce pollution, and as a substitute for oil that can be
exported, the development of the country’s natural gas resources is critical. As a result, the Egyptian
Ministry of Petroleum has adopted a comprehensive energy strategy, composed of four main objectives,
to develop the natural gas sector. This four-point strategy includes: (1) encouraging international
companies to explore for gas in Egypt; (2) upgrading and expanding infrastructure for gas transmission
and distribution; (3) developing natural gas utilization to maximize added value; and, (4) opening new
markets for gas utilization in conventional applications. The paper analyzes the implication of fuel
switching from gasoline to compressed natural gas (CNG) for vehicles in Cairo, including the prospect of
abating the city’s air pollution problem.
Keywords: Egyptian natural gas, compressed natural gas (CNG), CNG vehicles
http://www.scribd.com/doc/26121092/A-New-Era-for-Natural-Gas-Applications-in-Egypt-by-Sanaa-ElBanna

The Journal of Energy and Development
autumn 1998, volume 24, number 1
http://www.scribd.com/doc/25916587/The-Journal-of-Energy-and-Development-autumn-1998-volume24-number-1
Abdul-razak F. Al-Faris and Khalifa H. Ghali, “Environment-Based Forecasting of Peak-Load
Profiles for Electricity Consumption in the Western United Arab Emirates,” The Journal of Energy
and Development, autumn 1998, vol. 24, no. 1, pp. 1-15.
Abstract
This aim of this paper is to analyze the system load profiles facing electric utilities and determine
whether the observed seasonal variation in outside air temperature is the cause of seasonal variation in
electricity consumption in the United Arab Emirates (U.A.E.). Such a relationship would be helpful in
planning electricity generation and distribution in the region. Using regression techniques, the authors
distinguish between the cyclical movement and the trend movement in electricity consumption. Estimates
of the system load profiles based on air temperature are found to be very precise, indicating that outside
weather conditions are responsible, in large measure, for the seasonal variation in electricity consumption.
Abstracts from The Journal of Energy and Development

Thus, a major policy recommendation is that the public utilities in the U.A.E. should take into account
outside weather conditions in predicting future alterations of the peak load facing the system. The study
offers a simple model that can be applied easily to forecast future electricity consumption and thereby
help in the efficient generation and distribution of an increasingly valuable source of energy.
Keywords: the United Arab Emirates (U.A.E.), electricity demand, environment-based forecasting, peakload profiles, cyclical vs. trend movement
http://www.scribd.com/doc/26121266/Environment-Based-Forecasting-of-Peak-Load-Profiles-forElectricity-Consumption-in-the-Western-United-Arab-Emirates-by-Abdul-razak-F-Al-Faris-and-Kha
Tracy Yandle, “The Impact of Governing and Economic Institutions on Energy Systems
Development: A Case Study of the Federal Republic of Germany and the German Democratic
Republic,” The Journal of Energy and Development, autumn 1998, vol. 24, no. 1, pp. 17-37.
Abstract
This paper focuses on two development issues using a comparison between the Federal Republic
of Germany (FRG) and the German Democratic Republic (GDR). (1) How did governing institutions
influence energy development in the two countries? (2) How did economic institutions influence energy
development in the two countries? After briefly reviewing the relevant literature, this paper provides a
summary of the environmental circumstances of both nations, then moves to the energy sector and its
impact on the environment at the time of reunification in 1990. Three historical periods are studied: prior
to World War II, the impact of the War, and the redevelopment of both FRG and GDR. By comparing
the end results of both countries’ energy development and resulting environments, the author suggests
that the basic issues of government policies and economic institutions have a significant impact on the
rapidity, efficiency, and cleanliness of development, particularly in the energy sector. As we look at
achieving sustainable development, we need to pay closer attention to not only micro- but also macrolevel policy and governance.
Keywords: East Germany development, West Germany development, public policy, energy, environment,
pre-World War II, post World War II
http://www.scribd.com/doc/26121562/The-Impact-of-Governing-and-Economic-Institutions-on-EnergySystems-Development-A-Case-Study-of-the-Federal-Republic-of-Germany-and-the-German-Democ
K. M. Rwiza, “Energy for Sustainable Development in Tanzania,” The Journal of Energy and
Development, autumn 1998, vol. 24, no. 1, pp. 39-54.
Abstract
This paper provides an assessment of sustainable energy usage in Tanzania. It suggests that reliable,
affordable, and sustainable energy is a prerequisite for ongoing development in the country. Tanzania is
facing an energy crisis that has seriously affected its socio-economic development and natural
environment. The country currently uses about 70 percent of its export earnings for payments for
petroleum products imports, which has negatively impacted its growth rates. Given this situation, the use
of Tanzania’s own abundant resources and renewable energy sources is vital. The paper makes the
following recommendations: a greater use of biofuels and biomass, the implementation of clean coal
technologies so the country can use its own coal reserves, an expansion of public transport, the use of
appropriate renewable energy technologies, government incentives to use renewable sources, and donor
countries/organizations placing a higher priority on renewable energy projects.

Abstracts from The Journal of Energy and Development

Keywords: Tanzania, sustainable development, renewable energy, government policies, clean coal
technology, public transport
http://www.scribd.com/doc/26121778/Energy-for-Sustainable-Development-in-Tanzania-by-K-M-Rwiza
Yong U. Glasure, Aditi Angirasa, and Aie-Rie Lee, “The Impact of Money Supply and Government
Spending on Economic Development and Energy: The Case of Taiwan,” The Journal of Energy and
Development, autumn 1998, vol. 24, no. 1, pp. 55-64.
Abstract
This paper uses asymmetric vector error correction models (AVECMs) to model oil price shocks, the
effects of monetary and fiscal policy, energy prices, exchange rates on GDP, and energy consumption in
the case of Taiwan dealing with the two oil price shocks (1973 and then in 1979-80). The results of the
AVECMs indicate that there is bidirectional causation between energy consumption and real GDP,
supporting the earlier findings of D. Hwang and B. Gum. Also shown is the importance of monetary and
fiscal policy, energy prices, and exchange rates in explaining future movements in real GDP. Likewise,
money supply, government spending, and energy prices contain information about future fluctuations in
energy consumption. The authors found that the two oil price shocks did not have much effect on
Taiwanese energy consumption and real GDP. One explanation can be found in the Taiwanese
government’s policy of keeping petroleum prices at an artificially low level in the 1970s. However, after
the second oil shock, the Taiwanese government swiftly closed the gap between the international and
domestic energy prices, thus passing on higher energy prices to energy users. Ultimately, the Taiwanese
government was able to insulate the domestic economy from fluctuations in international energy prices
and minimized the impact on national income. Secondly, the Taiwanese government was able to
judiciously use monetary and fiscal policy to combat the impact of the two oil price shocks.
Keywords: Taiwan, monetary policy, fiscal policy, oil price shocks, energy consumption and GDP
causality, asymmetric vector correction models
http://www.scribd.com/doc/26121922/The-Impact-of-Money-Supply-and-Government-Spending-onEconomic-Development-and-Energy-The-Case-of-Taiwan-by-Yong-U-Glasure-Aditi-Angirasa-and-Aie
Douglas B. Reynolds, “Soviet Economic Decline: Did an Oil Crisis Cause the Transition in the
Soviet Union?” The Journal of Energy and Development, autumn 1998, vol. 24, no. 1, pp. 65-82.
Abstract
This paper assesses whether the decline of the Soviet system was caused because it became
increasingly inefficient in the face of resource scarcity, particularly oil scarcity. A planned economy is
not flexible enough to reallocate quickly scarce resources that suddenly decline in production. The author
suggests that it is no coincidence that Soviet oil output declined by 30 percent from 1988 to 1992,
precisely the period when the breakup and capitalist transformation were occurring. This paper postulates
that it was the fall in oil production that caused the final breakdown of the Soviet economy. The
collapsing Soviet economy then led to the breakup and political change of the Soviet system. Certainly,
there were many factors that played a role in the fall of the Soviet Union. Nonetheless, the “straw” most
capable of breaking the proverbial camel’s back was oil.
Keywords: fall of the Soviet system, Russian oil production, Soviet oil production
http://www.scribd.com/doc/26122073/Soviet-Economic-Decline-Did-an-Oil-Crisis-Cause-the-Transitionin-the-Soviet-Union-by-Douglas-B-Reynolds
Abstracts from The Journal of Energy and Development

F. William Kirsch and Mario A. Medina, “Cost of Industrial Energy-Efficiency Measures: Its
Effect upon Their Implementation,” The Journal of Energy and Development, autumn 1998, vol. 24,
no. 1, pp. 83-108.
Abstract
This paper evaluates the cost of industrial energy-efficiency measures and how small- and mediumsized manufacturing plants implement these measures. For these small- to medium-sized firms, high-cost
energy-efficiency measures can be too expensive to implement. This means that, from a public policy
perspective, the smaller manufacturing plants cannot afford to implement high-cost energy-efficiency
measures. The results of this study of 3,831 small- and medium-sized plants reveal a willingness of the
management to invest in implementation based on the cost savings per opportunity to be realized during
payback.
Keywords: industrial energy efficiency, manufacturing energy-efficiency measures
http://www.scribd.com/doc/26122190/Cost-of-Industrial-Energy-Efficiency-Measures-Its-Effect-uponTheir-Implementation-by-F-William-Kirsch-and-Mario-A-Medina

The Journal of Energy and Development
spring 1998, volume 23, number 2
http://www.scribd.com/doc/25917118/The-Journal-of-Energy-and-Development-spring-1998-volume-23number-2
Brock Avery and Fred O. Boadu, “The Political Economy of Environmental Goods and Services
Demand in Sub-Saharan Africa,” The Journal of Energy and Development, spring 1998, vol. 23, no.
2, pp. 159-175.
Abstract
Sub-Saharan African (SSA) countries can avoid future environmental and energy problems if
they can gain access to new technologies. The technologies for solving existing environmental and
energy problems are collectively called environmental goods and services (EGS). To take advantage of
new technologies, countries must make adjustments in both the domestic institutional structure
(democratization, governance, administrative transparency, protection of intellectual property rights, etc.)
in addition to the ongoing macroeconomic adjustments. This paper estimates a model that finds the
economic, institutional, and political variables to be statistically significant in determining the demand for
EGS in Sub-Saharan Africa.
Keywords: Sub-Saharan African energy, environment, energy technology, development, institutions,
modeling demand for environmental goods and services
http://www.scribd.com/doc/26122372/The-Political-Economy-of-Environmental-Goods-and-ServicesDemand-in-Sub-Saharan-Africa-by-Brock-Avery-and-Fred-O-Boadu
Richard G. Zind, “The Importance of Oil to the Economies of the Gulf Cooperation Council,” The
Journal of Energy and Development, spring 1998, vol. 23, no. 2, pp. 177-193.
Abstract
Abstracts from The Journal of Energy and Development

The present study looks at the importance of oil to the economies of the Gulf Cooperation
Council members: Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates. Gross
domestic product (GDP) is disaggregated into six sectoral outputs: oil, manufacturing, all other goods
sectors, transportation, government, and all other services sectors. Oil revenues are the major contributors
to GDP and the impact of their fluctuations on these outputs, taking into account the stabilizing effects of
the budget imbalances, is assessed by means of the analysis of variance. The responses of these outputs
to both oil revenues and the budget imbalances are further assessed by means of impact multipliers.
These are derived from a basic model of the production economy, with side relations for the sectoral
outputs. The parameters of the side relations are estimated by means of regression analysis.
Keywords: GCC, Middle Eastern oil, oil revenues, oil-producing economies, GDP, variance analysis,
impact multipliers, regression analysis
http://www.scribd.com/doc/26122526/The-Importance-of-Oil-to-the-Economies-of-the-GulfCooperation-Council-by-Richard-G-Zind

Chongwoo Choe and Imad A. Moosa, “A Dynamic Forecasting Model of Oil Demand by
Developing Countries,” The Journal of Energy and Development, spring 1998, vol. 23, no. 2, pp. 195206.
Abstract
In this paper, a linear model of the demand for oil is derived from a cost minimization problem in
which demand depends on the price of oil, the price of coal, and output. The theoretical model is
estimated and then used for forecasting. The empirical results show that the empirical forecasting model
outperforms the random walk model in out-of-sample forecasting, particularly when an autoregressive
process is specified for the empirical residuals. The superior performance is attributed to the inclusion of
explanatory variables whose importance is confirmed by the results of the variable deletion tests.
Keywords: oil demand modeling, oil demand in developing countries, random walk model
http://www.scribd.com/doc/26124692/A-Dynamic-Forecasting-Model-of-Oil-Demand-by-DevelopingCountries-by-Chongwoo-Choe-and-Imad-A-Moosa
Robert L. Bradley, Jr. and Walter J. Mead, “Resolving the Federal Oil and Gas Royalty Valuation
Dispute: A Free Market Approach,” The Journal of Energy and Development, spring 1998, vol. 23,
no. 2, pp. 207-235.
Abstract
A dispute over the wellhead valuation of oil and gas on federal land between the oil and gas
industry and the Mineral Management Service (MMS) of the U.S. Department of Interior began in 1988
when the MMS began to move away from leasehold transactional value to more complicated valuation
methodologies depending on whether the transaction with the buyer was defined as “non-arm’s length.”
The portion of the MMS proposal that has turned into a final rule is in litigation, and the rest of the
proposal could have several outcomes.
Industry has proposed replacing royalty-in-value with royalty-in-kind (RIK) by which the MMS
would outsource the valuation function to marketers who would take the government’s royalty percentage
in barrels of oil and cubic feet of natural gas at the lease for sale and royalty remittance. The advantage
for the nation would be an objective determination of royalty value at the lease where a few marketing
companies rather than many hundreds of producers would be monitored and audited.
Abstracts from The Journal of Energy and Development

The RIK proposal is workable but inferior to a more fundamental reform — privatization.
Privatization would dispense with royalty valuation altogether by awarding future leases by the pure cash
bonus bid method (no royalty or rent payments) and privatizing existing leases by capitalizing the royalty
stream for a one-time payment. This would not only be an administrative gain for lessee and lessor, it
would extend production of oil and gas at the lease by turning an extra cost with every unit of production
(the royalty payment) into a pre-production sunk cost (the cash bonus or capitalization payment).
Keywords: wellhead valuation of oil and gas, MMS, royalty valuation, U.S. federal land, royalty-in-value,
royalty-in-kind, privatization
http://www.scribd.com/doc/26124842/Resolving-the-Federal-Oil-and-Gas-Royalty-Valuation-Dispute-AFree-Market-Approach-by-Robert-L-Bradley-Jr-and-Walter-J-Mead
Eugene M. Khartukov, “Russia's Oil: Will It Ever Be Globalized?” The Journal of Energy and
Development, spring 1998, vol. 23, no. 2, pp. 237-268.
Abstract
Since the mid-1990s, Russia’s oil industry has undergone a radical transformation from a wholly
state-run and generously subsidized distribution system toward a substantially privatized, cash-strapped,
and quasi-market “petropreneurship.” Numerous operating divisions of the former Soviet oil-related
ministries gradually have developed into a dozen Russian vertically-integrated and bank-controlled oil
companies, most of which are courting foreign investors and persistently paving their own ways to the
world oil market. The oil market of late 1997 and early 1998 in Russia is clearly marked by the emerging
oligopolistic structure with the state-backed cartelization of its external flanks.
The absence of a deeply rooted “market” mentality and the predominance of paternalistic
tendencies of the state definitely hamper Russia’s further shift toward a highly competitive market and
will probably induce the national oil industry to set and follow its own management paradigm: a tangible
Moscow-centric state control (and protectionism) of the most vital spheres of the national oil business.
Keywords: Russian oil sector; oil-sector privatization, Russian oil companies, oil oligopolies, market
competition
http://www.scribd.com/doc/26125014/Russia-s-Oil-Will-It-Ever-Be-Globalized-by-Eugene-M-Khartukov
Hamdi El Banbi, “Growing Energy Needs of Emerging Economies: Challenges and Ambitions,”
The Journal of Energy and Development, spring 1998, vol. 23, no. 2, pp. 269-280.
Abstract
Energy, as the fuel for economic and social development, has a pivotal role in the lives of people
world-wide. Large quantities of energy will be required in the coming two decades. Economic
development will create new growing energy markets in the developing world, especially emerging
economies.
Oil and gas will remain the dominant energy source well into the next century. A lot of work has
to be done to satisfy the anticipated growth in energy demand, especially as successive changes sweeping
the world have imposed certain challenges on the international energy scene, namely; reduced
investments, environmental issues and policies, and technology and workforce. The case of Egypt is cited
here as an emerging economy that has adopted certain policies and implemented action plans to overcome
these challenges.
Keywords: energy and emerging economies, Egypt energy demands, economic development
Abstracts from The Journal of Energy and Development

http://www.scribd.com/doc/26125266/Growing-Energy-Needs-of-Emerging-Economies-Challenges-andAmbitions-by-Hamdi-El-Banbi
Mehmet Ögütçü, “China and the World Energy System: New Links,” The Journal of Energy and
Development, spring 1998, vol. 23, no. 2, pp. 281-318.
Abstract
China is an energy superpower as the world’s second largest consumer and the third largest
producer. Its rapid economic growth has resulted in rising energy consumption but without a matching
increment in domestic energy output, particularly in oil and gas. Furthermore, as China’s energy
industries become more closely tied into global markets, price volatility and fluctuations elsewhere are
likely to affect the Chinese energy market more than in the past.
China’s growing energy deficit is likely to lead to enhanced linkages in energy trade, capital
flows, transportation, technology deployment, regional cooperation, and international strategic alliances.
This may result in a power shift among the world’s major economic players and changes in world energy
markets. Future large-scale imports of Siberian natural gas and Caspian oil, for instance, could reduce
pressure on global oil demand, impact European gas prices, and reduce China’s dependence on Middle
Eastern crude oil supplies.
If economic growth continues at its current pace, China will likely become the world’s third
largest crude oil importer after the United States and Japan. This could have a tremendous impact on
global oil supplies and prices. It also could have a significant impact on the balance of power in Asia in
view of China’s search for oil reserves in the disputed territories surrounding the Spratly Archipelago in
the South China Sea.
China’s emergent links with the Middle East, Central Asia, and Russia are largely driven by its
growing concerns about long-term energy supply security. Estimated Chinese crude oil imports by 2020
may be equivalent to Saudi Arabia’s total current (1997) output. To address long-term energy concerns,
China has begun to think of solutions in energy projects that cross national boundaries, physically,
financially, and organizationally.
Keywords: China energy, Chinese energy security, global energy ties, sensitivity to price volatility,
Russia, Middle East, Central Asia
http://www.scribd.com/doc/26125441/China-and-the-World-Energy-System-New-Links-by-MehmetOgutcu

The Journal of Energy and Development
autumn 1997, volume 23, number 1
http://www.scribd.com/doc/25917470/The-Journal-of-Energy-and-Development-autumn-1997-volume23-number-1
Paul Stevens, “Energy Privatization: Sensitivities and Realities,” The Journal of Energy and Development, autumn 1997, vol. 23, no. 1, pp. 1-14.
Abstract
This paper evaluates whether privatization in the energy sector actually results in more efficiently run
companies. There has been a tremendous push for privatization of state-owned companies in the energy
sectors of many countries, especially in developing nations. While many see privatization as a magic
panacea that will reverse the fortunes of underperforming energy subsectors, the evidence is less clear as
Abstracts from The Journal of Energy and Development

few state-owned energy companies have actually been completely privatized. Instead, we see many more
cases of deregulation of energy sectors and encouraging of new private-sector investment rather than the
selling off of state-owned utilities. The purpose of this paper is to consider in practice how far
privatization can provide a realistic solution.
Keywords: privatization, state-owned energy companies, market reform, economic liberalization
http://www.scribd.com/doc/26125688/Energy-Privatization-Sensitivities-and-Realities-by-Paul-Stevens
Haijiang Henry Wang, “Oil Quality and Its Environmental Impact in China,” The Journal of
Energy and Development, autumn 1997, vol. 23, no. 1, pp. 15-27.
Abstract
Environmental concerns in China are playing an increasingly important role in influencing the
energy market; however, they have not been the most crucial determinant of oil supply and demand
trends. As the use of more sour quality crude oil increases, environmental regulations and taxes on oil are
expected to play a role. Nonetheless, it is not clear whether China is willing to invest in the upgrading of
refinery capacities to meet its environmental requirements.
Keywords: China energy demand, environmental impact, oil quality, Chinese energy policies, refining
http://www.scribd.com/doc/26125767/Oil-Quality-and-Its-Environmental-Impact-in-China-by-HaijiangHenry-Wang
Corinne Chaton, “Fuel Price and Demand Uncertainties and Investment in an Electricity Model: A
Two-Period Model,” The Journal of Energy and Development, autumn 1997, vol. 23, no. 1, pp. 2958.
Abstract
This paper studies optimal investment in different types of electric plants. Neither future fuel
prices nor future demand are known. Furthermore, this paper takes into account explicitly the problems
of management of the peak load and of the decrease of efficiency of plants used for long periods. A twoperiod model is used, in which investment is chosen in the first period. At the beginning of the second
period, uncertainty is resolved and production allocated among the different plants. The model is applied
to establish the French thermal investments that will be operating in the year 2003. The author compares
the solution of the full model described above to the solution resulting from simplified ones, for instance,
the case where random variables are replaced by certain equivalents or obtained by averaging optimal
investment policies related to different states.
Keywords: electricity models, peak load management, optimal electricity investment, efficiency of older
plants
http://www.scribd.com/doc/26125886/Fuel-Price-and-Demand-Uncertainties-and-Investment-in-anElectricity-Model-A-Two-Period-Model-by-Corinne-Chaton
A. F. Alhajji, “Why Do Some OPEC Members Cheat? The Case of the United Arab Emirates,” The
Journal of Energy and Development, autumn 1997, vol. 23, no. 1, pp. 59-69.
Abstract
This study investigates, through statistical tests, the motives for the United Arab Emirates
(U.A.E.) to exceed its production quota as a member of the Organization of the Petroleum Exporting
Abstracts from The Journal of Energy and Development

Countries (OPEC). Contrary to common belief, oil reserves and budgetary needs do not play any direct
role in the decision to cheat. Data show that the U.A.E. imports a much larger percent of oil and oilrelated products when compared to other OPEC members. Results indicate that the U.A.E. exceeds its
quota to maximize the purchasing power of its oil exports.
Keywords: United Arab Emirates (U.A.E.) oil production, OPEC, oil quotas
http://www.scribd.com/doc/26126055/Why-Do-Some-OPEC-Members-Cheat-The-Case-of-the-UnitedArab-Emirates-by-A-F-Alhajji
Ram M. Shrestha and Binod K. Karmacharya, “Testing of Barriers to the Adoption of EnergyEfficient Lamps in Nepal,” The Journal of Energy and Development, autumn 1997, vol. 23, no. 1, pp.
71-82.
Abstract
This paper tests the statistical validity of various hypotheses on consumer-level barriers to the
adoption of selected energy-efficient lamps in the case of Nepal, a developing country. The empirical
results show that the adoption of energy-efficient lamps are affected by the lack of adequate information
and the lack of cognitive skills as well as risk and uncertainty associated with the use of the technologies.
The hypotheses that occupancy status and an imperfect capital market impede adoption of energyefficient lamps are not supported by the study.
Keywords: sustainable energy, Nepal, energy-efficient technologies, consumer-level barriers
http://www.scribd.com/doc/26126650/Testing-of-Barriers-to-the-Adoption-of-Energy-Efficient-Lampsin-Nepal-by-Ram-M-Shrestha-and-Binod-K-Karmacharya
Gawdat G. Bahgat, “Oil in the Gulf: Prospects for the Twenty-First Century,” The Journal of
Energy and Development, autumn 1997, vol. 23, no. 1, pp. 83-94.
Abstract
For several decades oil has been the main source of energy world-wide. Since the mid-1970s
there have been important changes in pricing, demand, supply, and the assessment of proven reserves. In
this study, an analysis of the fluctuation in oil prices and a projection of their evolution in the twenty-first
century are provided. The forces of supply and demand, including the 1997-1998 Asian crisis, the
decision by the Organization of the Petroleum Exporting Countries in late 1997 to increase production,
and the impact of North Sea and Caspian Basin output will be examined. The article asserts the growing
world dependence on supplies from the Arabian/Persian Gulf. In order to fully utilize these resources,
substantial obstacles need to be overcome.
Keywords: Middle Eastern oil, OPEC, oil security, 21st century and oil
http://www.scribd.com/doc/26128186/Oil-in-the-Gulf-Prospects-for-the-Twenty-First-Century-byGawdat-G-Bahgat
Yousuf Hasan Jawad Mohammad, “Demand for Oil in the Organization for Economic Cooperation
and Development Revisited,” The Journal of Energy and Development, autumn 1997, vol. 23, no. 1,
pp. 95-112.
Abstract
Abstracts from The Journal of Energy and Development

The unprecedented collapse in oil prices to the level of $15 to $20 per barrel during the late
1980s, compared to $34 per barrel in the early 1980s, brought oil to the forefront in competition with
other energy sources. This turn of events raised the question of whether these price declines could reverse
the oil demand reductions brought about by the price increases of the 1970s and help reestablish the
prominence of oil in the energy markets of the Organization for Economic Cooperation and Development
(OECD).
According to standard energy and oil demand models developed and empirically estimated during
the late 1970s and early 1980s, demand was expected to rebound strongly in response to prices. These
predictions were based on the symmetric nature of the demand models in conjunction with the drastic
price reductions. However, these predictions were not consistent with subsequent data from the OECD
region.
In order to reconcile the data with the available model, two important modifications were
suggested by researchers. The first was based on the argument that energy consumption by its very nature
is not reversible, thus rendering the demand function asymmetric with respect to price. The second view
stressed the usefulness of the standard symmetric demand model but emphasized the need to modify the
function to include technology trends to reflect nonprice conservation.
However, additional empirical investigations have revealed the existence of an asymmetric
relationship between changes in oil prices and changes in the level of economic activity. This evidence
suggests that multicollinearity exists among the independent variables in the previously estimated demand
function. Thus, the empirical results supporting both views are rendered doubtful at best. Therefore, it is
concluded that further refinements are needed in the modeling and estimation of the demand for oil in the
OECD.
Keywords: oil price fluctuations, economic growth, energy and oil demand modeling, technology, nonprice conservation, economic activity
http://www.scribd.com/doc/26128324/Demand-for-Oil-in-the-Organization-for-Economic-Cooperationand-Development-Revisited-by-Yousuf-Hasan-Jawad-Mohammad
Boyko Nitzov and Magauia Cherdabayev, “Infrastructure, Growth, and Income: Eastern-Western
European Regional Comparisons,” The Journal of Energy and Development, autumn 1997, vol. 23,
no. 1, pp. 113-130.
Abstract
How productive is public capital? This paper seeks to assess the relationship between infrastructure
capital and output, incomes, and growth by applying a cross-regional, intertemporal West-East European
approach. The two major questions the authors seek to answer are, first, whether the correlation between
infrastructure stock and productivity and incomes is discernible in an Eastern-Western European
perspective, and second, which of the options for spending public money on infrastructure are more likely
to promote economic prosperity.
Keywords: public capital, infrastructure investments, economic growth, West-East Europe comparisons
http://www.scribd.com/doc/26128467/Infrastructure-Growth-and-Income-Eastern-Western-EuropeanRegional-Comparisons-by-Boyko-Nitzov-and-Magauia-Cherdabayev

The Journal of Energy and Development
spring 1997, volume 22, number 2
Abstracts from The Journal of Energy and Development

http://www.scribd.com/doc/25917787/The-Journal-of-Energy-and-Development-spring-1997-volume-22number-2
Øystein Noreng, “Oil Province Maturity and Industrial Organization in the North Sea,” The
Journal of Energy and Development, spring 1997, vol. 22, no. 2, pp. 159-186.
Abstract
This paper discusses the relationship between the resource base maturity and the organization of the
petroleum industry in the North Sea. The key issues are the evolution and distribution of economic rent
and the economies of scale as the activity matures and the consequent challenges to government policy as
the landowner, tax collector, and regulator. The critical point is that in both Norway and the United
Kingdom, government licensing has led to a high concentration of operator tasks, limiting competition by
establishing different degrees of oligopoly. The concentration of power has facilitated economies of scale
and the investment in infrastructure during the buildup of the North Sea oil industry but may be costconducive in the phases of maturity and post-maturity that characterizes Norway and the United Kingdom
as oil provinces today (1997).
Keywords: North Sea oil industry, Norway, United Kingdom, oil field maturity, economic rent,
government, oligopoly, economies of scale
http://www.scribd.com/doc/26128569/Oil-Province-Maturity-and-Industrial-Organization-in-the-NorthSea-by-%C3%98ystein-Noreng
Mohamed A. Al-Sahlawi and Matthew A. Elbeck, “An Alternative Oil Pricing Currency to
Improve OPEC's Balance of Trade,” The Journal of Energy and Development, spring 1997, vol. 22,
no. 2, pp. 187-197.
Abstract
Oil export earnings of the OPEC members continue to be affected by the variation in the U.S. dollar
against other currencies. Oil transactions quoted in U.S. dollars may be exposed to a decline in the value
of the dollar, reducing OPEC’s purchasing power. The purpose of this paper is to examine the rationale
for the U.S. dollar pricing by considering alternative currencies to strategically enhance OPEC members’
export income and so align currency selection with their major trading partners.
Keywords: oil and the U.S. dollar, currencies, OPEC, export earnings
http://www.scribd.com/doc/26128644/An-Alternative-Oil-Pricing-Currency-to-Improve-OPEC-sBalance-of-Trade-by-Mohamed-A-Al-Sahlawi-and-Matthew-A-Elbeck
Subhes C. Bhattacharyya, “Energy Taxation and Environmental Externalities: A Critical
Analysis,” The Journal of Energy and Development, spring 1997, vol. 22, no. 2, pp. 199-223.
Abstract
The main objective of this paper is to analyze the existing energy tax policies of difference countries
and to verify whether environmental considerations dictate the energy tax policies at present. The initial
hypothesis is that the budgetary requirement of any government and other socioeconomic factors
determine the energy tax rate in any country. The analysis corroborates the initial hypothesis and it
appears that energy taxation does not conform to the requirements of environmental consideration.
Keywords: energy taxation, environmental externalities
Abstracts from The Journal of Energy and Development

http://www.scribd.com/doc/26128758/Energy-Taxation-and-Environmental-Externalities-A-CriticalAnalysis-by-Subhes-C-Bhattacharyya
Timothy Ch. U. Kalu, “Nigeria's Economic Crisis and Survival of Its Oil Industry: A Framework
for Evolving an Appropriate Funding Mechanism,” The Journal of Energy and Development, spring
1997, vol. 22, no. 2, pp. 225-244.
Abstract
This paper looks at the effects economic crises have had on Nigeria and, specifically, how they have
led to detrimental impacts on the energy sector by limiting necessary investments. Nigeria derives more
than 90 percent of its foreign-exchange earnings from the sale of the crude oil, and the survival of the oil
industry is crucial to the country’s existence. A concern for the Nigerian government is how to keep
production levels up to meet forecasted future demand and what policy adjustments need to be made in
order to attract and retain foreign investment in the sector. The author evaluates the problems and
consequences of the Nigerian failing to meet its obligations to joint-venture energy operations, which in
turn is adversely affecting exploration activities. This paper discusses the need for the Nigerian
government to adopt a workable funding mechanism and ensure that the required heavy investments in
the industry are made in the short term to obtain the higher revenue required in the long term. The author
examines the limitations of existing funding arrangements and provides a goal programming algorithm
model to gain insight into what needs to be done to develop a workable funding mechanism for the oil
industry in Nigeria.
Keywords: Nigerian oil sector, government investment policies, goal programming algorithm models
http://www.scribd.com/doc/26132552/Nigeria-s-Economic-Crisis-and-Survival-of-Its-Oil-Industry-AFramework-for-Evolving-an-Appropriate-Funding-Mechanism-by-Timothy-Ch-U-Kalu
Panagiotis Karamanos, “Cogeneration and District Heating: Constraints and Opportunities,” The
Journal of Energy and Development, spring 1997, vol. 22, no. 2, pp. 245-274.
Abstract
This paper examines the combined generation of power and heating (or cooling) to meet the demands
of a moderate to large area such as a neighborhood, a suburb, or a whole city from a centralized station
that may belong to investors, the local authorities, utilities, or other institutions. The focus is
cogeneration of heat and power and district heating (CHP/DH), which compared to other types of
cogeneration, covers a larger area than total energy systems and may serve more diversified customers.
The basic principles of cogeneration are presented and a historical overview of CHP/DH, its benefits and
its costs is provided. Next, the factors that affect CHP/DH applicability and the policy implications are
discussed, and some policies that can support its growth are explored. At the end of the article a list of
elements that policy makers and entrepreneurs must take into consideration when reaching decisions
about CHP/DH is developed. This paper is international in scope and incorporates examples from the
domestic and international arenas to facilitate the analysis and clarify the important points. Overall,
although CHP/DH can be beneficial, its applicability is constrained by many factors, such as energy
prices and population participation. Consequently, it cannot be widely applied, while its attractiveness
will depend on the specific conditions of each area.
Keywords: cogeneration of heat and power and district heating (CHP/DH), domestic, international
http://www.scribd.com/doc/26132695/Cogeneration-and-District-Heating-Constraints-and-Opportunitiesby-Panagiotis-Karamanos
Abstracts from The Journal of Energy and Development

Keun-Wook Paik, “Sino-Russian Oil and Gas Development Cooperation: The Reality and
Implications,” The Journal of Energy and Development, spring 1997, vol. 22, no. 2, pp. 275-284.
Abstract
The concept of Sino-Russian energy development cooperation was an issue not pondered until the
early 1990s. However, this joint Sino-Russian relationship could play a pivotal role in the coming years
with the development of East Siberian oil and gas. The objective of this paper is to examine the reality of
such Sino-Russian oil and gas development cooperation, its market implications, and the challenges it
faces. The following subjects are covered: oil and gas resources and development in Eastern Siberia;
proposed Sino-Russia pipeline routes; a blueprint for the Kovytinskoye field development; the depth of
Chinese energy demand; and, the high costs of financing these projects.
Keywords: Sino-Russian energy, China-Russia relations, East Siberian oil and gas, pipeline routes
http://www.scribd.com/doc/26132901/Sino-Russian-Oil-and-Gas-Development-Cooperation-TheReality-and-Implications-by-Keun-Wook-Paik
Holly W. Bender and Wade E. Martin, “A Survey of Selected Works in Environmental Economics
and Policy: Part II,” The Journal of Energy and Development, spring 1997, vol. 22, no. 2, pp. 285300.
Abstract
Numerous books and edited works have been written on the subject of the environment, development,
and international policy over the past four decades. This paper is a survey of 21 of the most important
works dealing with environmental economics, conservation policies, and international relations. Some of
these works have become seminal in their fields. The subjects covered by these surveyed books include:
policies and implications of reducing carbon emissions; energy and the environment; development and
the environment; and trade and the environment. The authors also give an outline of which books are best
for potential audiences (public policy, economics, or general readership).
Keywords: environmental economics, environmental policies, environment and development, literature
review, conservation policies, international relations
http://www.scribd.com/doc/26133027/A-Survey-of-Selected-Works-in-Environmental-Economics-andPolicy-Part-II-by-Holly-W-Bender-and-Wade-E-Martin

The Journal of Energy and Development
autumn 1996, volume 22, number 1
http://www.scribd.com/doc/25918562/The-Journal-of-Energy-and-Development-autumn-1996-volume22-number-1
Guy F. Caruso and Xavier Chen, “Experiences of Electricity-Sector Restructuring in Asia,” The
Journal of Energy and Development, autumn 1996, vol. 22, no. 1, pp. 1-16.
Abstract
The objective of this paper is to present some of the findings of the Asia Electricity Study by the
International Energy Agency (IEA). The paper summarizes recent developments of electricity-sector
restructuring in a number of Asian nations, focusing on the situations in Indonesia, the Philippines, and
Abstracts from The Journal of Energy and Development

Thailand. It also outlines the challenges that are facing the electricity sector of these Asian nations in
terms of meeting rapidly growing electricity demand, financing the necessary capacity addition, changing
the regulatory framework to cope with new realities, managing the environmental impacts of electricitysector expansion, and improving electricity end-use efficiency.
Keywords: electricity, electricity efficiency, electricity restructuring, Asia, Philippines, Thailand,
Indonesia
http://www.scribd.com/doc/26133151/Experiences-of-Electricity-Sector-Restructuring-in-Asia-by-GuyF-Caruso-and-Xavier-Chen
Jeffrey B. Nugent and Constantine Glezakos, “Determinants of Fiscal Adjustments to Falling Oil
Prices: Evidence from the Middle East,” The Journal of Energy and Development, autumn 1996, vol.
22, no. 1, pp. 17-43.
Abstract
This study investigates the extent to which both oil- and non-oil-exporting countries of the
Middle East and North Africa (MENA) have managed to adjust to the fiscal deficits and falling oil
revenues experienced since the early 1980s and compares their performance with that of certain oilexporting nations from outside the region that have been unusually successful or unsuccessful in
managing their fiscal affairs. Alternative explanations for responsiveness variations are offered and a
sample of 17 countries is used to examine their relative importance.
The results reveal considerable variation in the extent of such adjustments across the 17 countries,
ranging from partial success to continuing failure. In some of the least successful nations, the adjustment
failures have reached crisis proportions. Even the best of responses within the region, moreover, fell far
short of the achievements by the most successful adjusters from outside the region. The factors
contributing most to variations in the extent of fiscal adjustments include the magnitude of natural
resource endowments and international reserves, the relative importance of military spending, and
dependence on foreign labor.
Keywords: oil-exporting countries, falling oil revenues, fiscal deficits, foreign labor, military spending,
Middle East, North Africa
http://www.scribd.com/doc/26133381/Determinants-of-Fiscal-Adjustments-to-Falling-Oil-PricesEvidence-from-the-Middle-East-by-Jeffrey-B-Nugent-and-Constantine-Glezakos
William D. Watson, Christopher Wnuk, and Karen Bryant, “The Potential for India in the World
Coal Export Market,” The Journal of Energy and Development, autumn 1996, vol. 22, no. 1, pp. 4565.
Abstract
Data and analysis presented in this paper indicate that the Raniganj and Jharia coalfields in eastcentral India may have significant coal resources with ash yields, calorific values, and sulfur contents
comparable to the coals currently being exported into the Asian coal market (principally from Australia
and South Africa). At a cost estimated at $30 to $40 per metric ton delivered to Japan, beneficiated Indian
steam coal would be competitive on the international coal export market as prices from current suppliers
presently exceed $40 per metric ton. Forecasts presented in this paper indicate that the Asian steam coal
market has the capacity to absorb an additional 36 million to 72 million metric tons per year by 2000 and
2010, respectively, from new entrants. This growth in demand, coupled with India’s cost competitiveness,
provides an opportunity for India to become a major exporter of steam coal to the Asian market in the
next 20 years.
Abstracts from The Journal of Energy and Development

Keywords: India, coal, Asian coal market, steam coal
http://www.scribd.com/doc/26133523/The-Potential-for-India-in-the-World-Coal-Export-Market-byWilliam-D-Watson-Christopher-Wnuk-and-Karen-Bryant
Yousef Al-Ebraheem, and Bassim Shebeb, “Accounting for Growth of Total Factor Productivity as
Output with Exhaustible Resource Rent: The Kuwaiti Oil Industry,” The Journal of Energy and
Development, autumn 1996, vol. 22, no. 1, pp. 67-79.
Abstract
The contribution of various factors of production to the growth of total factor productivity (TFP)
is still the prime concern of all previous studies related to growth. However, a review of existing
literature indicates that there has been very little attention devoted to analyzing the effect of the stock
depletion of an exhaustible resource on a country’s growth. This effect has, by and large, been assumed
to be negligible. Moreover, most of existing literature does not address the issue of how the resource
stock depletion could affect the growth of an exhaustible resource-based economy. In this paper, the
authors attempted to answer the critical question of how the stock depletion of an exhaustible resource
could affect the growth of an exhaustible resource-extracting industry in an open economy — the Kuwaiti
oil industry — by taking into account the exhaustible resource rent in growth accounting. This treatment
of the resource rent enables us to identify and measure the effect of the resource depletion on the growth
rates of both gross output and TFP. It also has been shown, in the context of Kuwait, that the rent of an
exhaustible resource (i.e., oil) could give considerably different results from the classical growth
accounting procedures.
Keywords: Kuwaiti oil industry, total factor productivity (TFP), economic growth, resource depletion,
exhaustible resource, resource rent
http://www.scribd.com/doc/26133620/Accounting-for-Growth-of-Total-Factor-Productivity-as-Outputwith-Exhaustible-Resource-Rent-The-Kuwaiti-Oil-Industry-by-Yousef-Al-Ebraheem-and-Bassi
Yong U. Glasure and Aie-Rie Lee, “The Macroeconomic Effects of Relative Prices, Money, and
Federal Spending on the Relationship Between U.S. Energy Consumption and Employment,” The
Journal of Energy and Development, autumn 1996, vol. 22, no. 1, pp. 81-91.
Abstract
This paper analyzes the strength of the relationships between U.S. energy consumption and
employment components while controlling for relative prices, federal spending, and money supply. The
paper finds that the associations between employment components and energy consumption are bidirectional, and the bulk of the variance of employment components or energy consumption is explained
by its own innovations. The accountability of the variance by its own innovations, however, decreases
rapidly to less than 50 percent at the longer horizons. A more surprising finding is that a mixture of
monetary and fiscal policies has more potent effects on employment and energy consumption than that of
energy consumption (employment components) on employment components (energy consumption).
Keywords: U.S. energy consumption, energy-employment relationship, monetary policy, fiscal policy
http://www.scribd.com/doc/26133722/The-Macroeconomic-Effects-of-Relative-Prices-Money-andFederal-Spending-on-the-Relationship-Between-U-S-Energy-Consumption-and-Employment-by-Yong-U

Abstracts from The Journal of Energy and Development

Hisham Bardesi, Stephen Davies, and Terutomo Ozawa, “Inward Foreign Direct Investment,
Industrial Development, and Trade: The Case of the Saudi Petrochemical Industry,” The Journal
of Energy and Development, autumn 1996, vol. 22, no. 1, pp. 93-106.
Abstract
Multinational corporations (MNCs) are increasingly recognized as agents of industrial
development and activators of comparative advantages in developing host countries. The remarkable
growth of Saudi Arabia’s petrochemical industry illustrates this form of MNC-assisted industrial growth
and trade expansion. Time lags are involved in this process, which reflect the stages of project
conception, foreign direct investment (FDI) inflow, construction work, and final impacts. These time lags
are examined in this paper using two approaches. First, the activities of the Saudi Basic Industries
Corporation (SABIC) are examined and, second, polynomial distributed lag models are used to estimate
FDI effects on imports and exports of Saudi Arabia. The results suggest that an import creation phase
lasts up to two years, where imports rise in response to increased FDI. Subsequently, import substitution
and export creation phases last for three to five years, which raise exports and reduce imports.
Keywords: Saudi Arabia, petrochemicals, foreign direct investment, SABIC, multinational corporations,
distributed lag models, import substitution, export creation
http://www.scribd.com/doc/26133824/Inward-Foreign-Direct-Investment-Industrial-Development-andTrade-The-Case-of-the-Saudi-Petrochemical-Industry-by-Hisham-Bardesi-Stephen-Davies-a
Noel D. Uri and Roy Boyd, “The Aggregate Effects of Reducing the Motor Fuels Excise Tax in the
United States,” The Journal of Energy and Development, autumn 1996, vol. 22, no. 1, pp. 107-123.
Abstract
This paper assesses the effects of the proposed reduction in the excise tax on gasoline and diesel
fuel on the U.S. economy. The analytical approach used consists of a computable general equilibrium
model composed of 14 producing sectors, 14 consuming sectors, 6 household categories classified by
income, and government. The effects of a 4.3 cents per gallon reduction in the excise tax on gasoline and
diesel fuel on prices and quantities are examined. The results suggest, for example, a decrease in the tax
would result in higher output by the producing sectors, an expansion in the consumption of goods and
services, and an increase in welfare. The government would realize a decrease in revenue. When
subjected to a sensitivity analysis, the results are reasonably robust with regard to the assumption of the
values of the substitution elasticities.
Keywords: gasoline taxes, U.S. transportation fuel taxation, substitution elasticity, computable general
equilibrium model
http://www.scribd.com/doc/26133971/The-Aggregate-Effects-of-Reducing-the-Motor-Fuels-Excise-Taxin-the-United-States-by-Noel-D-Uri-and-Roy-Boyd
Timothy J. Stanton, “Variable Costs of Electricity Generation: Effects of New-Source Bias,” The
Journal of Energy and Development, autumn 1996, vol. 22, no. 1, pp. 125-134.
Abstract
Evidence of new-source bias in the electric power industry is well established in the literature,
and previous studies have investigated the increase in total cost of generation caused by these more
restrictive standards on newer plants. This article extends the existing literature by estimating the
operating costs of coal-fired electric-generating units after the capital has been installed. As such, it
presents a focused, short-run cost analysis of generating electricity with coal. This model allows
investigation of the effect of new-source bias on operating costs alone, instead of on total costs.
Abstracts from The Journal of Energy and Development

Keywords: electric power industry, electricity costs, coal power plants, coal generation cost analysis
http://www.scribd.com/doc/26134161/Variable-Costs-of-Electricity-Generation-Effects-of-New-SourceBias-by-Timothy-J-Stanton
Wade E. Martin and Holly A. Bender, “A Survey of Selected Works in Environmental Economics:
Part I,” The Journal of Energy and Development, autumn 1996, vol. 22, no. 1, pp. 135-142.
Abstract
The objective of this article is to review a selected list of publications related to environmental
economics and the contribution that economic modeling and reasoning has to offer to the environmental
policy debate. Part I will focus on books that are more academic in nature. This is followed by a review
in a later issue of The Journal of Energy and Development (spring 1997) of books targeted more toward
the popular press.
Keywords: literature review, environmental economics, economic modeling
http://www.scribd.com/doc/26134278/A-Survey-of-Selected-Works-in-Environmental-Economics-Part-Iby-Wade-E-Martin-and-Holly-A-Bender

The Journal of Energy and Development
spring 1996, volume 21, number 2
http://www.scribd.com/doc/25919234/The-Journal-of-Energy-and-Development-spring-1996-volume-21number-2
Meftun Erdogan and Carol Dahl, “Energy Demand in Turkey,” The Journal of Energy and
Development, spring 1996, volume 21, no. 2, pp. 173-188.
Abstract
To help understand Turkish energy use and to provide energy policy makers and energy providers with
an updated analysis of Turkish energy use, the authors in this paper analyze Turkish aggregate energy
demand and demand in the industrial sector and its subsectors − manufacturing and mining. They
compare the results from three model types — a simple static as well as two dynamic models — a
lagged endogenous and a polynomial distributed lag or Almon model. Based on the results from the
Almon model, the authors conclude that the long-run price and income elasticities for Turkey, Turkish
industry, and Turkish manufacturing are inelastic and are less elastic than for other developing countries.
The Turkish mining sector appears to be a very dynamic sector with elastic long-run price and income
elasticities, which are more elastic than for other developing countries.
Keywords: energy demand, price elasticity, income elasticity, industry, Turkey, Almon model
http://www.scribd.com/doc/26134364/Energy-Demand-in-Turkey-by-Meftun-Erdogan-Carol-Dahl
Spyros Vassos and Andriana Vlachou, “Evaluating the Impact of Carbon Taxes on the Electricity
Supply Industry,” The Journal of Energy and Development, spring 1996, vol. 21, no. 2, pp. 189-215.
Abstract
Abstracts from The Journal of Energy and Development

This paper investigates the impact of proposed carbon taxes on the electric power industry, using
Greece as a case study. It adapts an economic-engineering model for electric generation capacity
expansion to explore optimal expansion plans under alternative carbon tax scenarios and to estimate their
impact on CO2 and other types of emissions and on the cost of producing electricity. The findings
suggest that low carbon taxes result in a considerable reduction in conventional lignite generation
counterbalanced predominantly by natural gas-fired electricity. High carbon taxes (100-200 dollars per
ton of carbon) lead to a drastic reduction in conventional lignite generation that is mainly replaced by coal
or lignite technologies with CO2 removal capabilities, not presently in use. Hydro and renewable
resources are the second most important least-cost substitutes of lignite under both low- and high-tax
scenarios.
The growth of CO2 emissions slows down under low carbon taxes but CO2 emissions are actually
stabilized at or reduced from their 1990 level only under high carbon taxes. A tax of 100 dollars per ton
of carbon stabilizes CO2 emissions at their 1990 level during the period 2000-2005. The study provides
evidence that carbon taxes result in significant increases in the cost of producing electricity, implying
adverse economic effects on electricity consumers and on the economy in general.
Keywords: electricity, carbon taxes, carbon emissions, Greece, economic-engineering model
http://www.scribd.com/doc/26134545/Evaluating-the-Impact-of-Carbon-Taxes-on-the-Electricity-SupplyIndustry-by-Spyros-Vassos-and-Andriana-Vlachou
W. David Walls, “Vehicle Controls and Petrol Demand in Hong Kong,” The Journal of Energy and
Development, spring 1996, vol. 21, no. 2, pp. 217-228.
Abstract
The demand for automotive petrol in Hong Kong is derived entirely from the demand for
personal vehicular transportation. Because the stock of vehicles adjusts over time slowly to changes in
the cost of ownership and usage, the demand for petrol also adjusts gradually in response to changes in
the cost of owning and operating a vehicle. This study estimates and simulates the demand for petrol in
Hong Kong using an empirical model which explicitly accounts for adjustment in the stock of vehicles.
The author presents the estimates of both short- and long-run price and income elasticities of petrol
demand.
Keywords: gasoline demand, Hong Kong, automotive demand, petrol demand, price and income
elasticities
http://www.scribd.com/doc/26135512/Vehicle-Controls-and-Petrol-Demand-in-Hong-Kong-by-WDavid-Walls
Jay Zarnikau, “A Reexamination of the Causal Relationship Between Energy Consumption and
Gross National Product,” The Journal of Energy and Development, spring 1996, vol. 21, no. 2, pp.
229-239.
Abstract
Previous studies of the causal relationships between total energy consumption and GNP in a
national economy have measured energy consumption based on an aggregation of the heat content of
different energy resources. This approach fails to recognize that different energy resources have different
form value, which affect their market value and possible contribution to economic productivity and
growth.
A Divisia approach to measuring energy consumption may be superior to an aggregate based
upon heat content when conducting tests to detect causal relationships between energy consumption and
Abstracts from The Journal of Energy and Development

GNP. An example test using data for the U.S. economy confirms that the results are indeed sensitive to
the approach used to measure energy consumption.
Keywords: causal relationships, energy consumption and gross national product (GNP), Divisia, heat
content, U.S. economy
http://www.scribd.com/doc/26135580/A-Reexamination-of-the-Causal-Relationship-Between-EnergyConsumption-and-Gross-National-Product-by-Jay-Zarnikau
Panayotis F. Diamandis and Helen Louri, “Are Hydroelectric Power Projects Still Viable? The
Cases of Sfikia and Assomata in Greece,” The Journal of Energy and Development, spring 1996, vol.
21, no. 2, pp. 241-257.
Abstract
The considerable international trend of the 1970s to construct hydroelectric power plants has now
been reversed and such plants are not fashionable any more. This paper supports their usefulness by
focusing on the indirect benefits these plants provide to the areas they affect. This is achieved by carrying
out an ongoing social cost benefit analysis of a very important twin hydroelectric project in Greece,
namely Sfikia H.E.P. and Assomata H.E.P. in operation since 1985. The project’s appraisal is effected in
two stages. In the first stage only the benefits related directly to the primary purpose of the project
(energy production) are considered and the results indicate that the project should not have been accepted.
In the second stage the indirect irrigation benefits are considered additionally to the direct benefits and the
results justify the acceptance of the project.
Keywords: hydroelectric power, Greece, cost-benefit analysis, Sfikia, Assomata, irrigation
http://www.scribd.com/doc/26160270/Are-Hydroelectric-Power-Projects-Still-Viable-The-Cases-ofSfikia-Assomata-in-Greece-by-Panayotis-F-Diamandis-and-Helen-Louri
Ronald L. Cooper, “Energy Conservation and Renewable Energy Supplies: A Survey,” The Journal
of Energy and Development, spring 1996, vol. 21, no. 2, pp. 259-281.
Abstract
Energy conservationists often charge that the market process for energy fuels fails to reflect the
true cost of using energy (e.g., failure of marginal cost pricing, global environmental damage, market
barriers to conservation), so that government policies are needed to force energy conservation. In this
paper the author discusses some of the energy conservation proposals that have been put forth and provide
an evaluation of their validity. In examining these proposals, the author first looks at the historical record
of conservation, demand-side management programs, energy conservation and the cost of developing
renewable energy sources. The author also examines some of the engineering economics approaches that
have been used to justify government-sponsored energy conservation programs. Finally, some of the
energy policy problems that arise in promoting conservation, along with the global warming controversy,
are discussed.
Keywords: conservation policies, renewable energy, global warming, alternative energy costs, demandside management
http://www.scribd.com/doc/26160460/Energy-Conservation-and-Renewable-Energy-Supplies-A-Surveyby-Ronald-L-Cooper

Abstracts from The Journal of Energy and Development

Salah S. Abosedra and Nikiforos T. Laopodis, “Stochastic Behavior of Crude Oil Prices: A Garch
Investigation,” The Journal of Energy and Development, spring 1996, vol. 21, no. 2, pp. 283-291.
Abstract
This paper addresses an important aspect of contemporary oil market behavior, namely, price
volatility in an environment characterized by innovations in financial derivatives. The objective of the
paper is to apply Nelson’s Exponential Autoregressive GARCH model to explain oil price volatility.
Domestic (United States) monthly crude oil spot prices totaling 253 observations (January 1974 to
January 1995) were used in the empirical section of the paper. The main conclusion of this study is that
oil returns volatility is asymmetric, with positive shocks found to exert a greater impact on volatility than
negative ones.
Keywords: oil price volatility, financial derivatives, oil price modeling, GARCH model, U.S. data
http://www.scribd.com/doc/26160868/Stochastic-Behavior-of-Crude-Oil-Prices-A-Garch-Investigationby
M. Nagy Eltony and Asraul Hoque, “A Cointegrating Relationship in the Demand for Energy: The
Case of Electricity in Kuwait,” The Journal of Energy and Development, spring 1996, vol. 21, no. 2,
pp. 293-301.
Abstract
The paper analyzes the electricity demand in Kuwait by utilizing the recent econometric
techniques of time series data, namely, unit roots, cointegration, and error correction model. This marks
an improvement over other studies in the region on electricity demand. The study also covers more recent
information for the period from 1975 to 1994. The results indicate that there exists a cointegrating
relationship for total electricity demand and for the commercial sector’s demand but not for the industrial
and residential sectors. Furthermore, the results from the short-run dynamics imply that electricity
demand in the commercial sector is neither price nor income elastic. However, total demand is price
elastic for both the short and long run. It is suggested that an upward revision of the electricity price will
reduce wastage and overall consumption of electricity and thus will reduce or eliminate costly new
investment in electricity generation. The process will also raise additional revenues for the government.
This has an important fiscal policy implication for the government while Kuwait faces large and rising
budget deficit in recent times.
Keywords: unit roots, cointegration, error correction model, electricity demand, Kuwait
http://www.scribd.com/doc/26161717/A-Cointegrating-Relationship-in-the-Demand-for-Energy-TheCase-of-Electricity-in-Kuwait-by-M-Nagy-Eltony-and-Asraul-Hoque

The Journal of Energy and Development
autumn 1995, volume 21, number 1
http://www.scribd.com/doc/25919644/The-Journal-of-Energy-and-Development-autumn-1995-volume21-number-1
Z. X. Zhang and Henk Folmer, “The Chinese Energy System: Implications for Future Carbon
Dioxide Emissions in China,” The Journal of Energy and Development, autumn 1995, volume 21, no.
1, pp. 1-44.
Abstracts from The Journal of Energy and Development

Abstract
This paper analyzes China’s energy resources and their development, national energy
consumption patterns, the achievements and remaining problems of electricity generation, China’s energy
conservation in an international perspective, historical carbon dioxide (CO2) emissions in China, and
environmental challenges for the Chinese energy system in the CO2 context. It is shown that for as far
ahead as can be seen, the country is bound to rely mainly on coal to fuel the development of its economy
and thereby improve the Chinese standard of living. Given this prospect and the serious environmental
pollution from the inefficient use of coal, China’s efforts to combat air pollution must be directed at much
more efficient coal utilization. The article outlines a number of no-regrets policy measures that have been
or will be implemented. Moreover, with little prospect of significant change in the coal-dominated
energy structure in China, it is concluded that the implementation of these measures is expected to be
accelerated when curbing global CO2 emissions requires special action on China’s part.
Keywords: Chinese energy demand, China, carbon dioxide emissions, pollution, coal, electricity
generation
http://www.scribd.com/doc/26162023/The-Chinese-Energy-System-Implications-for-Future-CarbonDioxide-Emissions-in-China-by-Z-X-Zhang-and-Henk-Folmer
Timothy Ch. U. Kalu, “Petroleum Industry Sensitivity and World Oil Market Prices: The Nigerian
Example,” The Journal of Energy and Development, spring 1995, volume 21, no. 1, pp. 45-62.
Abstract
Most empirical studies have focused on the demand side of energy with little or no attention to
the supply side. To deal with this defect, this paper adopts a microanalytic approach to the problem of the
individual oil firms to provide a basis for determining the effects of changes in such macro-variables as
prices on their operations. However, instead of the familiar econometric approach to energy studies, a
goal programming approach is adopted. Using a multinational oil company as a case study, the effects of
change in crude oil prices are examined. The results, among other things, support the hypersensitivity of
oil companies to changes in economic cycles, the price inelasticity of demand for crude oil in the short
run, and a time lag between price change and the time an oil company responds to it. The management
and policy implications of the results are also discussed.
Keywords: Nigeria, goal programming, multinational oil companies, oil price elasticities
http://www.scribd.com/doc/26162198/Petroleum-Industry-Sensitivity-and-World-Oil-Market-Prices-TheNigerian-Example-by-Timothy-Ch-U-Kalu
Øystein Noreng, “Life-Style, Quality of Life, and Energy Use: Issues in Energy Sociology,” The
Journal of Energy and Development, spring 1995, volume 21, no. 1, pp. 63-72.
Abstract
This article investigates the impact of lifestyles on residential energy use. It also seeks to draw some
conclusions on the eventual energy market consequences of changing life-styles, especially in economies
in transition that are experiencing rapid political and economic change. Special emphasis is placed on the
energy use implications of the search for quality of life by households.
Keywords: energy sociology, residential energy sector, transitional economies, lifestyles
http://www.scribd.com/doc/26163748/Life-Style-Quality-of-Life-and-Energy-Use-Issues-in-EnergySociology-by-%C3%98ystein-Noreng
Abstracts from The Journal of Energy and Development

Benjamin S. Cheng, “An Investigation of Cointegration and Causality Between Energy
Consumption and Economic Growth,” The Journal of Energy and Development, spring 1995,
volume 21, no. 1, pp. 73-84.
Abstract
This paper reexamines the causality between energy consumption and economic growth with both
bivariate and multivariate models by applying the recently developed methods of cointegration and
Hsiao’s version of the Granger causality to transformed U.S. data for the period 1947-1990. The PhillipsPerron (PP) tests reveal that the original series are not stationary and, therefore, a first differencing is
performed to secure stationarity. The study finds no causal linkages between energy consumption and
economic growth. Energy and gross national product (GNP) each live a life of its own. The results of
this article are consistent with some of the past studies that find no relationship between energy and GNP
but are contrary to some other studies that find GNP unidirectionally causes energy consumption. Both
the bivariate and trivariate models produce the similar results. We also find that there is no causal
relationship between energy consumption and industrial production. The United States is basically a
service-oriented economy and changes in energy consumption can cause little or no changes in GNP. In
other words, an implementation of an energy conservation policy may not impair economic growth.
Keywords: causality, energy consumption, GNP, cointegration, bivariate/multivariate models, Hsiao,
Granger test, Phillips-Perron test, United States
http://www.scribd.com/doc/26163829/An-Investigation-of-Cointegration-and-Causality-Between-EnergyConsumption-and-Economic-Growth-by-Benjamin-S-Cheng
Hooshang Amirahmadi, “World Oil and Geopolitics to the Year 2010,” The Journal of Energy and
Development, spring 1995, volume 21, no. 1, pp. 85-122.
Abstract
This paper focuses on the interplay of market forces and politics in the world oil market projected
to the year 2010. It argues that world oil demand will increase considerably, with Asian demand growing
the fastest. Given that the growth of oil supply of producers outside the Organization of the Petroleum
Exporting Countries (OPEC) will be muted, the call on OPEC oil will increase substantially. Yet, given
their declining per-capita oil revenues, OPEC members may not be able to make timely investments in
required upstream projects. If this happens, the supply constraint will lead to higher prices and intensified
international competition for Arabian/Persian Gulf oil. Thus, foreign investment will be needed
increasingly in OPEC states if prices are to remain stable. But geopolitical and institutional barriers to
foreign investment in many OPEC members hinder foreign investment. It is imperative that major players
in the world oil market cooperate to reduce such barriers to ensure that supply corresponds to rising
demand.
Keywords: geopolitics, OPEC, oil supply and demand, foreign investment, Gulf oil producers
http://www.scribd.com/doc/26163945/World-Oil-and-Geopolitics-to-the-Year-2010-by-HooshangAmirahmadi
Alberto Cisneros-Lavaller, “Toward a Theoretical Development of the Concept of Corporate
Political Risk,” The Journal of Energy and Development, spring 1995, volume 21, no. 1, pp. 123-148.
Abstract
Abstracts from The Journal of Energy and Development

This paper looks at developing a theoretical concept around the idea of “corporate political risk.”
Stemming from the notions of political risk, country risk, and sovereign risk, this work seeks to portray
innovative avenues not only for the characterization of corporate risk but also for indicators that would
allow methods to operationalize and measure it. In this analysis, the main features of political risk
assessments, its bibliography, and main research methods and techniques will be reviewed. With those
elements as background, new theoretical ideas, their conceptualizations and implementation will be
advanced in order to identify, quantify, and evaluate corporate political risk.
Keywords: political risk assessment, enterprise-wide risk, corporate political risk
http://www.scribd.com/doc/26164067/Toward-a-Theoretical-Development-of-the-Concept-of-CorporatePolitical-Risk-by-Alberto-Cisneros-Lavaller
Majed R. Muhtaseb, “An Option Pricing Theory Explanation of the Invasion of Kuwait,” The
Journal of Energy and Development, spring 1995, volume 21, no. 1, pp. 149-156.
Abstract
The objective of this paper is to explain the invasion of Kuwait by making an analogy between a
call option and the Iraq-Kuwait situation before the invasion on August 2, 1990. A number of factors
contributed to the issuance of a deep-in-the-money European call option to Iraq against Kuwait. The
underlying asset is the crude oil reserves under Kuwait. The price of crude oil is determined in world spot
markets. The exercise price is equal to the cost of permanently annexing and retaining Kuwait. The
volatility is measured by the annualized variance of the weekly rate of return of the spot price of crude oil.
Time-to-expiration is equal to the time period between decision date and actual invasion date. Finally,
since crude oil prices are quoted in U.S. dollars, the U.S. Treasury bill rate is assumed to be the risk-free
rate. The author concludes by offering multiple pricing scenarios.
Keywords: invasion of Kuwait, option pricing theory, first Gulf War, Iraq, volatility
http://www.scribd.com/doc/26164194/An-Option-Pricing-Theory-Explanation-of-the-Invasion-ofKuwait-by-Majed-R-Muhtaseb

The Journal of Energy and Development
spring 1995, volume 20, number 2
http://www.scribd.com/doc/25922565/The-Journal-of-Energy-and-Development-spring-1995-volume-20number-2
Thomas R. Stauffer, “The Diseconomics of Long-Haul LNG Trading,” The Journal of Energy and
Development, spring 1995, vol. 20, no. 2, pp. 159-174.
Abstract
Long-haul liquefied natural gas (LNG) exports yield little or no economic rent. Trades, such as
Borneo to Japan, are economical, but government-takes otherwise are minimal. The maximum premium
for LNG is less than 50 cents per thousand cubic feet (/Mcf), and buyers are resisting any price above oil
parity. Costs of LNG are high and increase with distance. The netback value is zero or even negative for
the longer-distance trades. The value of extracted co-products (natural gas liquids) is 50 cents to $1/Mcf.
These credits are the principal source of profit, especially for foreign partners because natural gas liquids
are taxed at low “industrial” rates. Returns are even less when the gas supply is non-associated so that the
Abstracts from The Journal of Energy and Development

project must “pay” the production costs as well. Some exporting countries profit, but the Organization of
the Petroleum Exporting Countries as a whole looses because low-revenue LNG energy displaces, at the
margin, fully taxed oil.
Keywords: liquefied natural gas, LNG exports, long-haul trading, LNG pricing, OPEC, oil prices
http://www.scribd.com/doc/26171158/The-Diseconomics-of-Long-Haul-LNG-Trading-by-Thomas-RStauffer
Naief H. Al-Mutairi and M. Nagy Eltony, “Price and Income Elasticities of Energy Demand: Some
Estimates for Kuwait Using Two Econometric Models,” The Journal of Energy and Development,
spring 1995, vol. 20, no. 2, pp. 175-185.
Abstract
This paper estimates the demand for energy in Kuwait for the period 1965-1989 using two
econometric models: a cointegration and error correction model (ECM) and a simultaneous-equation
model (SEM). The results obtained from both models are similar. It is found that the energy demand is
inelastic with respect to price in the short and long run, and while it is elastic in the long run, the energy
demand is inelastic with respect to income in the short run. Both models’ validation shows that the ECM
performed better in replicating the past than the simultaneous model, suggesting the need to use the ECM
to identify future prospects for energy demand in Kuwait.
Keywords: Kuwait, energy demand, cointegration, error correction model, simultaneous-equation model,
price and income elasticities
http://www.scribd.com/doc/26171325/Price-and-Income-Elasticities-of-Energy-Demand-SomeEstimates-for-Kuwait-Using-Two-Econometric-Models-by-Naief-H-Al-Mutairi-and-M-Nagy-Eltony
Terrence G. Bensel and Robert C. Harriss, “Energy Policy and Economic Development in the
Philippines, 1973-2000,” The Journal of Energy and Development, spring 1995, vol. 20, no. 2, pp.
187-227.
Abstract
This paper reviews energy policy and energy-economy interactions in the Philippines since 1973
and presents projections of energy development and use to the year 2000. Dependent on imported oil for
over 90 percent of its commercial energy requirements in 1973, the Philippines initiated one of the most
aggressive energy development and conservation programs in the developing world. Energy and oil
intensities of the economy were reduced, and domestic coal, hydroelectric, geothermal and biomass
resources were developed to meet nearly half of commercial energy requirements by 1985. Low world
oil prices and domestic political developments combined to reverse trends in the energy sector after 1985.
Imported oil dependence grew again to 70 percent by 1992, and an electric power crisis became the focus
of government energy policy. An innovative private power development program has helped reduce
power shortages and is expected to account for the bulk of needed capacity expansion in the twenty-first
century.
Keywords: economic development, energy policy, Philippines, electric power development, conservation,
energy intensities, coal, hydro, geothermal, biomass
http://www.scribd.com/doc/26223772/Energy-Policy-and-Economic-Development-in-the-Philippines1973-2000-by-Terrence-G-Bensel-and-Robert-C-Harriss
Abstracts from The Journal of Energy and Development

Ravishankar Jayadevappa and Sumedha Chhatre, “Carbon Emission Tax and Its Impact on a
Developing Country Economy — A Case Study of India,” The Journal of Energy and Development,
spring 1995, vol. 20, no. 2, pp. 229-246.
Abstract
Global climate change has become one of the most important of recent issues. It is estimated that
roughly 60 percent of projected global climate change will be caused directly by the energy sector.
Developing nations are the fastest growing greenhouse gas (GHG) emission sources. The restricted focus
of the GHG problem to fossil fuels and carbon dioxide emissions in particular frightens the developing
countries. Most studies on global climate change neglect the impact of proposed measures of a carbon tax
on the economies of the developing bloc. In this paper the authors examine the impacts of implementing
a carbon emission tax on the economy of India using an input-output model. After discussing the
economy-wide impacts of a carbon emission tax, possible measures for combating global climate change
are examined. Also addressed is the usefulness of energy-efficient technology to ameliorate carbon
emissions.
Keywords: carbon tax policies, greenhouse gas emissions, India, global climate change, developing
countries, input-output analysis
http://www.scribd.com/doc/26224032/Carbon-Emission-Tax-and-Its-Impact-on-a-Developing-CountryEconomy-%E2%80%94-A-Case-Study-of-India-byRavishankar-Jayadevappa-and-Sumedha-Chhatre
Tai-Yoo Kim and Jeong-Dong Lee, “Cost Analysis of Gas Distribution Industry with Spatial
Variables,” The Journal of Energy and Development, spring 1995, vol. 20, no. 2, pp. 247-267.
Abstract
Cost assessment is important in the regulatory process, but it is not easy to effect, especially for
the distribution sector, because the spatial conditions as well as the output quantity play a major role in
determining the cost. The hedonic cost function is introduced to incorporate the spatial characteristics (or
network configurations) in the analysis of cost behavior of the Korean gas industry. The findings in this
paper are that (1) almost all of the firms are exhausting their scale economies, (2) the average cost trend
can be expressed as a surface of output quantity and spatial characteristics, and (3) the imaginary firm’s
cost trend is derived by the regression approach. Industries that are related to electricity (water, railroad,
telecommunications, etc.) have the same cost property as the gas distribution industry, and the basic result
and methodology in this paper would be applicable to these industries.
Keywords: gas industry, Korea, spatial variables, hedonic cost functions, cost behavior, regression
approach
http://www.scribd.com/doc/26224285/Cost-Analysis-of-Gas-Distribution-Industry-with-SpatialVariables-by-Tai-Yoo-Kim-Jeong-Dong-Lee
Noel D. Uri, “The Impact of Crude-Oil Price Volatility on Agricultural Employment in the United
States,” The Journal of Energy and Development, spring 1995, vol. 20, no. 2, pp. 269-288.
Abstract
This study focuses on the impact of fluctuations in the price of crude oil on agricultural
employment in the United States. After reviewing previous assessments of the issue, the existence of an
empirical relationship between agricultural employment and crude oil price volatility is established using
Granger causality. Subsequently, the nature of the relationship is estimated with the results suggesting
that at least three full years are required before the measurable impacts of a percentage change in the real
Abstracts from The Journal of Energy and Development

price of crude oil on the change in agricultural employment are exhausted. Finally, the structural stability
of the functional relationship between the change in agricultural employment and the volatility of the
price of crude oil, the percentage changes in expected net farm income, realized technological innovation,
and the wage rate is examined.
Keywords: crude oil price volatility, U.S. agricultural employment, Granger causality
http://www.scribd.com/doc/26225054/The-Impact-of-Crude-Oil-Price-Volatility-on-AgriculturalEmployment-in-the-United-States-by-Noel-D-Uri

The Journal of Energy and Development
autumn 1994, volume 20, number 1
http://www.scribd.com/doc/25923191/The-Journal-of-Energy-and-Development-autumn-1994-volume20-number-1
M. Madden, M. A. Stevenson, P. J. B. Brown, and P. W. J. Batey, “Developing a Small-Area
Electricity Demand Forecasting System,” The Journal of Energy and Development, autumn 1994,
vol. 20, no. 1, pp. 1-23.
Abstract
The dynamics of a region’s population structure make forward planning prone to uncertainty and
risk. Large capital investments to support a population are difficult to target efficiently if accurate
forecasts of that population’s requirements cannot be made. Thus, for an organization for which forward
planning is an essential task, any reductions in uncertainty are very welcome. MANWEB is one of the
British Regional Electricity Companies. The difficulty of predicting future population levels throughout
its area means that the large infrastructure investments needed to maintain and improve the distribution
network are often subject to much uncertainty. In this paper the authors describe a small-area forecasting
system developed to help MANWEB to reduce some of this uncertainty by estimating not only by how
much electricity consumption is likely to change, but also where these changes are likely to occur.
Keywords: electricity demand, forecasting, United Kingdom, regional population, MANWEB
http://www.scribd.com/doc/26225475/Developing-a-Small-Area-Electricity-Demand-ForecastingSystem-by-M-Madden-M-A-Stevenson-P-J-B-Brown-P-W-J-Batey
M. R. Tayyaran and A. M. Khan, “Multinucleated Urban Regions: Transportation Energy
Efficiency and Air Quality Advantages,” The Journal of Energy and Development, autumn 1994,
vol. 20, no. 1, pp. 25-45.
Abstract
Motor vehicle fuel-efficiency standards and emission regulations are recognized to be the most
effective measures for energy conservation and controlling emissions, respectively. In order to go beyond
these measures, energy-efficient urban development patterns are of current interest. This paper reports
research in the effects of improving job opportunities in satellite cities within a multi-nucleated urban area
Abstracts from The Journal of Energy and Development

on region-wide transportation fuel consumption and emissions. A methodological framework consisting
of travel simulation models and energy and emissions factors was developed for analyzing land use
transportation scenarios for a multinucleated urban form. Satellite cities within the Regional Municipality
of Ottawa-Carleton, National Capital Area, Canada, were used as a case study. Three scenarios
illustrating possible future employment schemes were developed. Vehicle kilometers, fuel, and emissions
for both automobile and public transit were estimated for year 2011 scenarios. Results suggest that the
provision of more job opportunities and the enhancement of the job/housing ratio in satellite cities would
reduce vehicle-kilometers of travel, conserve energy, and reduce emissions from a regional perspective.
Keywords: energy, emissions, land use, urban, transportation, simulation models, conservation, Canada,
Ottawa-Carleton
http://www.scribd.com/doc/26225717/Multinucleated-Urban-Regions-Transportation-Energy-Efficiencyand-Air-Quality-Advantages-by-M-R-Tayyaran-A-M-Khan
Charles Harvie and Tran Van Hoa, “Long-Term Relationships among Oil Production, Oil Price,
and Major Macroeconomic Variables: Evidence from the United Kingdom, 1981-1991,” The
Journal of Energy and Development, autumn 1994, vol. 20, no. 1, pp. 47-58.
Abstract
This paper reports the results of cointegration analysis applied to structural economic causality
equations. By using data for oil production, the price of oil, the current account, real exchange rate,
capital stock, nonoil output, manufacturing output, and gross domestic product growth for the U.K.
economy, the validity of long-term relationships in the sense of Granger among these major
macroeconomic aggregates is investigated. For the period of the first quarter of 1981 to the fourth quarter
of 1991, the empirical evidence presented indicates that the latter six macrovariables are I(1) in the level,
and oil production and oil prices, while not being significantly related to one another, are significantly
cointegrated with the current account, real exchange rate, capital stock, nonoil output, and economic
growth. However, the results suggest no long-term relationship among oil production, the price of oil,
and manufacturing output. These findings provide support for the adoption, from a macroeconomic
modeling perspective, of a conceptual framework that emphasizes the long-term nature of the adjustment
process, in order to be applicable for an analysis of oil-related developments in the United Kingdom.
Keywords: oil production, oil price, GDP, Granger model, cointegration analysis, oil related model, longterm equilibrium, United Kingdom
http://www.scribd.com/doc/26225962/Long-Term-Relationships-among-Oil-Production-Oil-Price-andMajor-Macroeconomic-Variables-Evidence-from-the-United-Kingdom-1981-1991-by-Charles-Har
Panayiotis F. Diamandis and Georgios P. Kouretas, “Extending Traditional Cost-Benefit Analysis
for Intra-European Union Projects,” The Journal of Energy and Development, autumn 1994, vol. 20,
no. 1, pp. 59-78.
Abstract
This paper develops a methodology for appraising projects to be constructed in common by more
than one country member of the European Union. In the methodology developed, particular attention is
paid in estimating the social cost of financing of every alternative financial resource employed by intraEuropean projects and in estimating the country redistribution effect of the project. Finally, the
methodology is applied to the case of the 600-megawatt electrical interconnection of Italy and Greece.
Keywords: European Union, project appraisal methodology, Greece, Italy, financing social cost,
redistribution
Abstracts from The Journal of Energy and Development

http://www.scribd.com/doc/26230903/Extending-Traditional-Cost-Benefit-Analysis-for-Intra-EuropeanUnion-Projects-by-Panayiotis-F-Diamandis-and-Georgios-P-Kouretas
Masaki Shimazaki, “Liberalization of the Japanese Electricity Market,” The Journal of Energy and
Development, autumn 1994, vol. 20, no. 1, pp. 79-96.
Abstract
The Japanese electricity industry is shackled by more regulations than other domestic industries.
Electricity liberalization, however, is one of the few areas in which discussion of deregulation has been
making steady progress although the outcome of deregulation has become uncertain due to the turbulence
of politics and bureaucratic resistance. This study examines the liberalization of the Japanese electricity
market, focusing on the characteristics of (1) entering the electricity generation business, (2) access to
power companies’ transmission facilities, (3) beginning an electricity retail business, and (4) reforming
the electricity rating system. The article follows three themes. First, the background of the Japanese
electricity liberalization can be explained from economic, political, and bureaucratic points of view.
Second, international electricity price comparison should not only depend on exchange rates but should
also take other factors into account. Finally, liberalization will increase fossil fuel consumption, which
could have unwelcome consequences.
Keywords: Japanese electricity, market liberalization, electricity pricing, deregulation
http://www.scribd.com/doc/26231135/Liberalization-of-the-Japanese-Electricity-Market-by-MasakiShimazaki
Mohammed Akacem and Arthur A. Fleisher III, “An Alternative Model for OPEC Stability: The
Carrot and Stick Approach,” The Journal of Energy and Development, autumn 1994, vol. 20, no. 1,
pp. 97-108.
Abstract
The Organization of the Petroleum Exporting Countries (OPEC) has gone through turbulent times
since its inception in 1960. The decade of the 1970s represented the peak of its power; however, the
1980s and 1990s are characterized by the erosion of OPEC’s position. After a brief exposition of the
principles of resource economics and their relevance to OPEC, the authors review oligopoly theory and its
specific application to OPEC. A model of cartel behavior will then be presented and its relevance to
OPEC will be emphasized. The theory is that to stabilize output OPEC can use a trigger price strategy (a
punishment phase when overproduction occurs, followed by a resumption phase of full compliance of the
quota agreement). An insurance policy scheme will be presented in combination with the trigger price
strategy, the goal of which may improve the stability of OPEC. Finally, the authors suggest how the
organization may evolve over time into a much smaller entity by the late 1990s composed of the Gulf
producers.
Keywords: resource economics, OPEC, oligopoly theory, oil pricing, oil quotas
http://www.scribd.com/doc/26231363/An-Alternative-Model-for-OPEC-Stability-The-Carrot-and-StickApproach
Ronald L. Cooper, “Changes in Exchange Rates and Oil Prices for Saudi Arabia and Other OPEC
Members,” The Journal of Energy and Development, autumn 1994, vol. 20, no. 1, pp. 109-128.
Abstract
Abstracts from The Journal of Energy and Development

When the U.S. dollar weakens significantly against currencies of other major trading nations, oilexporting countries often become concerned about both loss of purchasing power for their imports as well
as capital losses on dollar-denominated assets. This paper addresses these issues by (1) examining
previous studies, (2) reviewing the historical oil price movements of oil denominated in different G-7
currencies, (3) performing a causality test between changes in exchange rates and the price of oil,
(4) using an analytical model to relate changes in exchange rates and the price of oil through the world oil
market, and (5) evaluating the gains and losses in terms of purchasing power of Saudi Arabia and other
members of the Organization of the Petroleum Exporting Countries for selected historical periods.
Keywords: oil pricing in dollars, causality test, exchange rates and oil pricing, purchasing power, dollardenominated assets, Saudi Arabia, OPEC countries
http://www.scribd.com/doc/26231536/Changes-in-Exchange-Rates-and-Oil-Prices-for-Saudi-Arabia-andOther-OPEC-Members-by-Ronald-L-Cooper

Lewis R. Gale, “Environmental Patterns from Free Trade: Implications from Dynamic NAFTA
Models of Mexico,” Journal of Energy and Development, autumn 1994, vol. 20, no. 1, pp. 129-145.
Abstract
Studies of the economic impact on Mexico from joining the North American Free Trade
Agreement (NAFTA) point to significant dynamic gains from trade. Few studies, however, have
effectively related these changes in economic variables to changes in environmental variables. Using
sector-share relationships and projections of income growth from dynamic computable general
equilibrium models of Mexico, several possible time paths for carbon dioxide emissions are derived.
Various scenarios of trade and investment liberalization and increased fuel efficiency under NAFTA
result in simulated pollution paths of carbon dioxide that show a reduction in not only the amount of
emissions but also in the rate of growth of emissions.
Keywords: NAFTA, Mexico, trade, carbon emissions, pollution reduction, environment, computable
general equilibrium models
http://www.scribd.com/doc/26231894/Environmental-Patterns-from-Free-Trade-Implications-fromDynamic-NAFTA-Models-of-Mexico-by-Lewis-R-Gale

The Journal of Energy and Development
spring 1994, volume 19, number 2
http://www.scribd.com/doc/25923925/The-Journal-of-Energy-and-Development-spring-1994-volume-19number-2
Frank C. Tang, “Analyzing the Oil Refining Industry in Developing Countries: A Comparative
Study of China and India,” The Journal of Energy and Development, spring 1994, vol. 19, no. 2, pp.
159-178.
Abstract
This paper examines the development and operations of the refining industry in two important Asian
developing countries — China and India — which comprise a substantial portion of the increase in
product demand and refining capacity. Both China and India are populous and developing nations,
Abstracts from The Journal of Energy and Development

having launched ambitious modernization programs to transition to market economies. However, there
are some significant differences between the countries’ petroleum sectors. China is an important crude oil
producer and used to be a major crude oil exporter, whereas India has never been self-sufficient in its
crude oil supply. While all early stage refinery development was initiated by foreign multinational oil
companies in India, the Chinese government has owned and controlled all the country’s refineries from
the very early stage. This article has two goals. The first is to provide background information on the
refining industry in China and India. The second is to examine how similarities and differences between
China and India affect the development and operation of the refining industry in the two countries.
Keywords: oil refining, China, India
http://www.scribd.com/doc/26232079/Analyzing-the-Oil-Refining-Industry-in-Developing-Countries-AComparative-Study-of-China-and-India-by-Frank-C-Tang
Seán O'Dell, “Long-Term Energy Demand: Projections of the International Energy Agency,” The
Journal of Energy and Development, spring 1994, vol. 19, no. 2, pp. 179-195.
Abstract
This paper evaluates the two energy demand growth scenarios provided in the 1995 edition of the
International Energy Agency’s (IEA’s) World Energy Outlook. The author suggests that the rapid growth
in energy demand, especially in Asia, coupled with low energy prices is not sustainable. Global energy
demand for crude oil, natural gas, and coal is assessed, along with the needs for supply-side investments.
Keywords: global energy demand, energy scenarios, International Energy Agency
http://www.scribd.com/doc/26232318/Long-Term-Energy-Demand-Projections-of-the-InternationalEnergy-Agency-by-Sean-O-Dell
Øystein Noreng, “National Oil Companies and Their Government Owners: The Politics of
Interaction and Control,” The Journal of Energy and Development, spring 1994, vol. 19, no. 2, pp.
197-226.
Abstract
This article discusses the interaction of national oil companies with their government owners. Control
in the oil industry is more difficult to exert than in most other industries because of the capital intensity
and the particular cost structure and risk exposure. Hence, direct intervention through national oil
companies is seen by many governments as a prerequisite for controlling the oil industry on their
territory, but the very factors that make the private oil industry difficult to control also render national
firms difficult to control. This is a fairly universal experience, which the author looks at from a historical
perspective in a number of countries including Mexico, Norway, Saudi Arabia, Indonesia, Venezuela,
France, and the United Kingdom.
Keywords: national oil companies, private oil industry, government relations/control
http://www.scribd.com/doc/26232412/National-Oil-Companies-and-Their-Government-Owners-ThePolitics-of-Interaction-and-Control-by-Dr-%C3%98ystein-Noreng
Titus O. Awokuse and Clifton T. Jones, “Nigeria's Oil Production Behavior: Tests of Alternative
Hypotheses,” The Journal of Energy and Development, spring 1994, vol. 19, no. 2, pp. 227-243.
Abstract
Abstracts from The Journal of Energy and Development

This paper evaluates several hypotheses on Nigeria’s behavior within OPEC concerning the level
of its oil production. The authors find a number of conflicting explanations for Nigeria’s production
behavior within OPEC based on these hypotheses. The central question remains: has Nigeria tended to
behave as a “good” cartel member, willingly adjusting its production to help support OPEC’s desired oil
price level, or has it tended to act primarily in accordance with its domestic revenue needs, selecting oil
production levels that would maximize its wealth, as any small, competitive fringe producer might do?
The contribution of this study is to take a closer look at the oil production behavior of Nigeria, retesting
its agreement with collusive and noncollusive theories of OPEC behavior. This paper replicates static and
dynamic econometric analyses, nested testing procedures, and parameter stability tests.
Keywords: Nigeria oil production, OPEC, cartel theory, econometric analyses
http://www.scribd.com/doc/26232499/Nigeria-s-Oil-Production-Behavior-Tests-of-AlternativeHypotheses-by-Titus-O-Awokuse-and-Clifton-T-Jones
Douglas B. Reynolds, “Energy Grades and Economic Growth,” The Journal of Energy and
Development, spring 1994, vol. 19, no. 2, pp. 245-264.
Abstract
This paper looks at why some energy resources are better than others for economic growth based
upon the concept of energy grades. This concept identifies the physical characteristics of competing
energy resources that allow the economy to more cheaply extract services from each British thermal unit
(Btu) of energy. This paper explains the four grades: (1) weight (Btu per pound), (2) volume (Btu per
cubic foot), (3) area (Btu per acre), and (4) state (liquid, gas, solid, field). Then energy resources and
grades are evaluated through a history of economic growth from earliest civilizations through the 20 th
century. The case of England’s change from wood to coal in the 1700s is presented. The author
concludes that both technology and high-grade energy inputs deserve equal status as the cause of
economic epochs. The greatest economic eras seem to occur when there are energy transitions from lowgrade to high-grade energy resources. There are implications for a modern day transition away from oil
as a primary energy source and the possible impact on the global economy.
Keywords: history of energy, energy grades, economic growth
http://www.scribd.com/doc/26234978/Energy-Grades-and-Economic-Growth-by-Douglas-B-Reynolds
M. Nagy Eltony, “An Econometric Study of the Demand for Gasoline in the Gulf Cooperation
Council Countries,” The Journal of Energy and Development, spring 1994, vol. 19, no. 2, pp. 265273.
Abstract
This paper develops a model to estimate gasoline demand in the Gulf Cooperation Council (GCC)
countries (Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates). The model is
capable of producing short-run and long-run price and income elasticities. The author finds that age
population growth in the GCC countries an important determinant of gasoline demand.
Keywords: GCC, gasoline demand, price and income elasticities, Bahrain, Kuwait, Oman, Qatar, Saudi
Arabia, United Arab Emirates
http://www.scribd.com/doc/26235741/An-Econometric-Study-of-the-Demand-for-Gasoline-in-the-GulfCooperation-Council-Countries-by-M-Nagy-Eltony

Abstracts from The Journal of Energy and Development

Donald A. Murry and Gehuang D. Nan, “A Definition of the Gross Domestic ProductElectrification Interrelationship,” The Journal of Energy and Development, spring 1994, vol. 19, no.
2, pp.275-283.
Abstract
This paper applies Granger’s causal test to distinguish between electrification growth as a
stimulus to economic development and economic development as a cause for increased electric
consumption. Statistically, the paper determines in what countries electricity consumption follows gross
domestic product (GDP) growth, in what nations GDP growth follows electric expansion, in what states
they develop interdependently, and in what countries there is no statistically significant relationship
between them. The results provide an empirical categorization of the electrification-growth relationship.
There are distinguishing differences among the countries that fall into these categories, depending upon
the nature and level of their economic development. These observations may provide insight regarding
the potential economic growth effects for investment from electrification. The following countries are
assessed in this work: Canada, Colombia, El Salvador, France, Germany, Hong Kong, India, Indonesia,
Israel, Kenya, Luxembourg, Malaysia, Mexico, Norway, Pakistan, the Philippines, Portugal, Singapore,
South Korea, Turkey, the United Kingdom, the United States, and Zambia.
Keywords: economic development, electrification growth, consumption, causality, Granger’s test, GDP
http://www.scribd.com/doc/26236202/A-Definition-of-the-Gross-Domestic-Product-ElectrificationInterrelationship-by-Donald-A-Murry-and-Gehuang-D-Nan

The Journal of Energy and Development
autumn 1993, volume 19, number 1
http://www.scribd.com/doc/25925471/The-Journal-of-Energy-and-Development-autumn-1993-volume19-number-1
W. David Walls, “Competition, Prices and Efficiency in the Deregulated Gas Pipeline Network: A
Multivariate Cointegration Analysis,” The Journal of Energy and Development, autumn 1993, vol.
19, no. 1, pp. 1-14.
Abstract
This paper applies multivariate cointegration analysis to data from the U.S. natural gas industry to
quantify the degree of competition in the open access pipeline network and natural gas prices. The
analysis accounts for the network structure of the natural gas industry and for the time-series properties of
the data. The empirical results indicate that within and between production markets there is a high degree
of competition. This high degree of price competition across the transmission network implies allocative
efficiency across production field markets. The author concludes that pipeline deregulation successfully
linked together numerous geographically dispersed spot markets and that open access transportation
satisfied the conditions necessary for gas traders to exploit price differentials across the pipeline network.
This has led to an efficient allocation of gas across the production markets.
Keywords: U.S. natural gas, market deregulation, efficiency, multivariate cointegration analysis, natural
gas pricing, open pipeline access, competition
http://www.scribd.com/doc/26236319/Competition-Prices-and-Efficiency-in-the-Deregulated-GasPipeline-Network-A-Multivariate-Cointegration-Analysis-by-W-David-Walls
Abstracts from The Journal of Energy and Development

Michael C. Lynch, “Shoulder Against Shoulder: The Evolution of Oil Industry Strategy,” The
Journal of Energy and Development, autumn 1993, vol. 19, no. 1, pp. 15-56.
Abstract
This paper identifies the reasons behind two of the more egregious strategic errors the U.S.
petroleum industry has made and the extent to which poor planning rather than bad luck or unpredictable
events might have been responsible. These two strategic errors were the diversification in the 1970s and
the reemphasis on U.S. upstream in the early 1980s. The author describes what led to the industry
adopting these two strategies, why they were so unprofitable, and why they were later abandoned. The
primary miscalculation the industry made was in not questioning the conventional wisdom about
inevitably rising oil prices and constrained supply.
Keywords: U.S. petroleum industry, oil industry strategies, diversification, U.S. upstream
http://www.scribd.com/doc/26236497/Shoulder-Against-Shoulder-The-Evolution-of-Oil-IndustryStrategy-by-Michael-C-Lynch
Andreas A. Andrikopoulos and Andriana A. Vlachou, “The Structure and Efficiency of the
Publicly Owned Electric Power Industry of Greece,” The Journal of Energy and Development,
autumn 1993, vol. 19, no. 1, pp. 57-79.
Abstract
Electric power utilities have historically been publicly owned and regulated due to the fact that
they are natural monopolies. However, in the 1980s, policy makers in many countries were calling for the
privatization, deregulation, and vertical disintegration of the electric power utilities with the stated goal of
increasing the industry’s efficiency. Yet studies often contradicted policy makers’ beliefs that private
ownership would result in greater efficiencies. This paper uses the Greek Public Power Corporation
(GPPC) as a case study to assess the overall cost structure and efficiency of the electric power industry as
a whole, while also looking at firm-level decision making. The authors investigate the cost structure of
the GPPC, calculate productivity indexes and economies of scale, and address issues of public ownership
versus operational issues. Their findings suggest that the GPPC, being publicly owned and operated, is
relatively efficient and exhibits economies of scale that contribute the most to the rate of growth in total
factor productivity.
Keywords: electric power utilities, privatization, public ownership, Greece, deregulation, efficiency,
Greek Public Power Corporation, economies of scale
http://www.scribd.com/doc/26236623/The-Structure-and-Efficiency-of-the-Publicly-Owned-ElectricPower-Industry-of-Greece-by-Andreas-A-Andrikopoulos-and-Andriana-A-Vlachou
Haijiang Wang, “China's Impact of the World Crude-Oil Market,” The Journal of Energy and
Development, autumn 1993, vol. 19, no. 1, pp. 81-96.
Abstract
This paper looks at the impact of China’s changing oil market needs, which are dramatically
shaping the country’s crude and petroleum product balances. The author addresses the major changes that
have characterized China’s transition from a net oil exporter in the 1960s through the 1980s to a net oil
importer by the early 1990s. The historical trends are presented along with a forecast of China’s future
growth in oil demand and crude oil balance. Other topics covered include: the impact of crude imports on
regional trade flows; China as the Asian market maker; the hard currency cost to China to import large
Abstracts from The Journal of Energy and Development

levels of crude oil; and, the policy implications for the Chinese government in terms of its productallocation system and state-imposed pricing mechanisms.
Keywords: China oil demand, crude oil and products imports, Asian energy balance, pricing
http://www.scribd.com/doc/26236771/China-s-Impact-of-the-World-Crude-Oil-Market-by-HaijiangWang
Ewah Out Eleri, “Nigeria: Energy for Sustainable Development,” The Journal of Energy and
Development, autumn 1993, vol. 19, no. 1, pp. 97-122.
Abstract
This paper reassesses the common proposition that energy has “fuelled” growth and development
in Nigeria by its role as the chief source of state revenue and through its input into economic activities in
the country. However, this article suggests that conventional energy management in Nigeria has tended
to create development flaws on its own. Six sections are presented: (1) an overview of the energy and
development linkages in Nigeria; (2) the failures of these linkages; (3) policy initiatives that promote the
nation’s sustainable development; (4) the problems of the present reform agenda; (5) what challenges
must be overcome to achieve sustainable development; and (6) an outlook suggested for future policy
development. The author concludes that a transition to an energy policy that promotes sustainable
development is needed, but it may require radical restructuring of energy institutions, assigning greater
responsibilities to local government in resource management, and addressing the national question of
autonomy over natural resources and distribution of their income revenues.
Keywords: Nigeria, sustainable development, resource management, oil revenues, income distribution
http://www.scribd.com/doc/26236899/Nigeria-Energy-for-Sustainable-Development-by-Ewah-Out-Eleri
Huei-chu Liao and Shu-chuan Lin, “The Capture of Oil Price Shock − Oil Price Change
Forecasting,” The Journal of Energy and Development, autumn 1993, vol. 19, no. 1, pp. 123-132.
Abstract
This paper addresses ways to enhance the forecasting ability of oil price models. By running oil
price regressions, the authors find that oil price shocks are the major source of prediction errors. A
probability index to capture oil price shocks based on market imbalance is presented. With this index, the
authors are able to forecast previous price shocks with reasonable accuracy and also posit when future
shocks could occur.
Keywords: oil forecasting, oil price shocks, probability index
http://www.scribd.com/doc/26237023/The-Capture-of-Oil-Price-Shock-%E2%88%92-Oil-Price-ChangeForecasting-by-Huei-chu-Liao-and-Shu-chuan-Lin

The Journal of Energy and Development
spring 1993, volume 18, number 2
http://www.scribd.com/doc/25925735/The-Journal-of-Energy-and-Development-spring-1993-volume-18number-2
Abstracts from The Journal of Energy and Development

Mohammed A. Al-Sahlawi, “The Real Prospect of Non-OPEC Oil Supply,” The Journal of Energy
and Development, spring 1993, vol. 18, no. 2, pp. 175-180.
Abstract
This paper argues that most industry observers have been pessimistic about the prospects for
developing oil economically outside areas of the Organization of the Petroleum Exporting Countries
(OPEC). The evidence for this view does not constitute an econometric forecast of non-OPEC supply.
Based on general history and current trends in the world oil market as well as analysis of the dynamic
interactions between economic and technical factors, it appears probable that non-OPEC oil production
will be a major factor in the global oil supply/demand balance for the foreseeable future.
Keywords: non-OPEC oil production, oil reserves, supply and demand balance
http://www.scribd.com/doc/26237267/The-Real-Prospect-of-Non-OPEC-Oil-Supply-by-Mohammed-AAl-Sahlawi
Noel Uri and Roy Boyd, “Assessing the Impact of a Btu Tax on the U.S. Economy,” The Journal of
Energy and Development, spring 1993, volume 18, no. 2, pp. 181-212.
Abstract
This paper investigates the effects of a broad-based energy tax on the U.S. economy in general
and the agricultural sector in particular. The analytical approach used consisted of a general equilibrium
model composed of 14 producing sectors, 14 consuming sectors, 6 household categories classified by
income, and government. The effects on prices and quantities of imposing a tax on natural gas, coal, and
nuclear power of 25.7 cents per million British thermal units (Btu’s) and a tax on refined petroleum
products of 59.9 cents per million Btu’s are examined. The results are revealing. For example, a Btu tax
on energy imposed at the point of production will result in lower output by the producing sectors (by
about $122.4 billion), a decrease in the consumption of goods and services (by about $64.6 billion), and a
reduction in welfare (by about $66.6 billion). The government would realize an increase in revenue of
about $50.5 billion. In the case of the Btu tax being imposed at the point of consumption, there will be
lower output by the producing sectors (by about $83.7 billion), a reduction in the consumption of goods
and services (by about $48.3 billion), and a reduction in welfare (by about $49.5 billion). The
government would realize an increase in revenue of $41.5 billion. The agricultural sector would be
measurably impacted: if the Btu tax is imposed at the point of production, output in the program crops
sector will fall (by $637 million), output in the livestock sector will decline (by $257 million), output in
the all-other-agriculture commodities sector will be reduced (by $54 million), and output in the forestry
sector will rise (by $144 million). If the Btu tax is imposed at the point of consumption, output in the
program crops sector will fall (by $720 million), output in the livestock sector will decline (by $453
million), output in the all-other-agriculture commodities sector will be reduced (by $371 million), and
output in the forestry sector will rise (by $25 million). Finally, when subjected to a sensitivity analysis,
the results are reasonably robust with regard to the assumption of the values of the substitution
elasticities.
Keywords: Btu taxes, U.S. energy taxes, agricultural sector, general equilibrium model
http://www.scribd.com/doc/26237427/Assessing-the-Impact-of-a-Btu-Tax-on-the-U-S-Economy-byNoel-Uri-and-Roy-Boyd

Abstracts from The Journal of Energy and Development

M. Nagy Eltony and Yousuf H. Mohammad, “The Structure of Demand for Electricity in the Gulf
Cooperation Council Countries,” The Journal of Energy and Development, spring 1993, vol. 18, no.
2, pp. 213-221.
Abstract
Residential, commercial, and industrial sectors’ demand for electricity in countries of the Gulf
Cooperation Council (GCC) is investigated. A model is specified for each sector and estimated. The
independent variables that explain the electricity demand, such as the price of electricity charged for each
sector, the per-capita income in the case of the residential sector or the contribution of each sector in gross
domestic product (GDP), and the lagged electricity demand, are examined for their contributions. The
results indicate that the demand is neither price nor income elastic in the short run. It is also inelastic with
respect to price and income in the long run with the exception of the commercial sector, which is income
elastic in both the short and long run.
Keywords: electricity demand, Gulf Cooperation Council (GCC), elasticities
http://www.scribd.com/doc/26237611/The-Structure-of-Demand-for-Electricity-in-the-Gulf-CooperationCouncil-Countries-by-M-Nagy-Eltony-and-Yousuf-H-Mohammad
Salim Chishti, “Recursively Bootstrapped Probability Distribution of Electricity Demand Forecast
in Pakistan,” The Journal of Energy and Development, spring 1993, vol. 18, no. 2, pp. 223-231.
Abstract
In Pakistan the demand for electricity has been growing at more than twice the real growth in
gross domestic product (GDP) for the last 30 years. This trend is likely to continue. Besides increasing
supply, appropriate demand-management policy is crucial to contain this demand. A prerequisite for such
a policy is the availability of reliable projections. This study makes these projections through a formal
demand model and uses the bootstrapping technique to develop interval estimates of these projections. It
has been shown that the extent of uncertainty in the peak-demand projections is quite large, which should
be incorporated in planning for future capacity and devising demand-management policies.
Keywords: formal electricity demand model, Pakistan, bootstrapping technique
http://www.scribd.com/doc/26237751/Recursively-Bootstrapped-Probability-Distribution-of-ElectricityDemand-Forecast-in-Pakistan-by-Salim-Chishti
Gehuang D. Nan, “Fuels’ Social Costs: Evidence from All Electric-Generating Firms,” The Journal
of Energy and Development, spring 1993, vol. 18, no. 2, pp. 233-241.
Abstract
Based on U.S. electric utilities, this paper estimates social costs of number 6 (#6) fuel oil, coal,
and natural gas under the Clean Air Act Amendments (CAAA). It concludes that coal has the lowest
social costs and #6 fuel oil the highest, that is, coal will still be the major fuel for the electric power
industry to consume under the CAAA. This paper also computes a ratio of social costs to delivered costs
to show, in part, the impact of the CAAA on affected utilities’ fuel choices. Coal has the highest ratio and
natural gas the lowest. It indicates that coal becomes relatively expensive to consume under the CAAA
and that natural gas becomes relatively cheap for the electric power industry.
Keywords: U.S. electric utilities, social costs of fuels, coal, natural gas, Clear Air Act Amendment
http://www.scribd.com/doc/26237867/Fuels%E2%80%99-Social-Costs-Evidence-from-All-ElectricGenerating-Firms-by-Gehuang-D-Nan
Abstracts from The Journal of Energy and Development

Ratha T. Ramoo, “Lessee Behavior under a Resource Rent Tax,” The Journal of Energy and
Development, spring 1993, vol. 18, no. 2, pp. 243-261.
Abstract
This paper discusses the resource rent tax, which is a proposed tax instrument for U.S. offshore
oil and gas leases. Essentially, it is an ex post fiscal device levied on the investor’s net cash flow after a
specified threshold rate of return on investment has been achieved. While the resource rent tax rate is
established by the government, the threshold rate of return may be (a) fixed by the government, (b)
negotiated between the government and the investor, or (c) auctioned via competitive bidding.
This paper is concerned with the incentive effects of the resource rent tax and, more specifically,
examining the critical role played by property rights in the efficiency of the system. A partial equilibrium
framework is employed to investigate how a resource is valued and how capital inputs are allocated by a
firm under a resource rent tax. The model is used to analyze the impact of public regulation on private
decision making, and the results are compared with a system of competitive cash-bonus bidding now used
to award leases to federal tracts.
Keywords: offshore oil and gas leases, taxation polities, resource rent taxes, incentive effects, partial
equilibrium model
http://www.scribd.com/doc/26237985/Lessee-Behavior-under-a-Resource-Rent-Tax-by-Ratha-T-Ramoo
Abdulrahman M. Al-Sultan, “Alternative Models of OPEC Behavior,” The Journal of Energy and
Development, spring 1993, vol. 18, no. 2, pp. 263-281.
Abstract
This paper presents a unified framework in which nine alternative models of the behavior of the
Organization of the Petroleum Exporting Countries (OPEC) can be compared. Each model is specified as
a system of nonlinear simultaneous equations, and for a particular functional form it has been shown how
each model can be estimated. Using the N3SLS method, estimates of the first two models are presented:
the competitive oil-market model and the oligopolistic oil-market model. Estimates indicate that marginal
cost is not increasing with respect to production for almost all OPEC members. From economic theory,
this implies that the oil market is incompatible with competitive behavior. This incompatibility of the oil
market with competition implies that some output restriction is inevitable in order to prevent violent
fluctuations in oil prices. However, the precise role of OPEC in the oil market can only be determined
when the rest of the models are estimated.
Keywords: OPEC behavior, oligopoly model, competitive oil-market model, N3SLS method
http://www.scribd.com/doc/26238132/Alternative-Models-of-OPEC-Behavior-by-Abdulrahman-M-AlSultan
Javed Ashraf and Farhan Sabih, “Estimates of Outage Costs of Electricity in Pakistan,” The
Journal of Energy and Development, spring 1993, vol. 18, no. 2, pp. 283-291.
Abstract
This paper estimates the outage costs of electricity in each of the four provinces of Pakistan. No
study of this nature has been undertaken previously. These outage costs are found to be quite significant,
both in terms of costs to consumers as well as in the potential revenues foregone by the Water and Power
Development Authority (WAPDA), the state-owned electric power company.
Abstracts from The Journal of Energy and Development

Keywords: electricity, Pakistan, outage costs, Water and Power Development Authority (WAPDA)
http://www.scribd.com/doc/26238235/Estimates-of-Outage-Costs-of-Electricity-in-Pakistan-by-JavedAshraf-and-Farhan-Sabih

The Journal of Energy and Development
autumn 1992, volume 18, number 1
http://www.scribd.com/doc/25926166/The-Journal-of-Energy-and-Development-autumn-1992-volume18-number-1
Carol Dahl, “A Survey of Energy Demand Elasticities for the Developing World,” The Journal of
Energy and Development, autumn 1992, vol. 18, no. 1, pp. 1-47.
Abstract
With a great potential for energy growth in the developing world, but equal uncertainty over the
magnitude and timing of this growth, efforts aimed at reducing this uncertainty should prove valuable.
This paper provides information that may decrease uncertainty by surveying the available econometric
literature for energy demand in the developing world. The first section contains the price elasticities
collected from about 50 studies and a discussion of price and income elasticities for total energy demand.
This is followed be a discussion of energy demand by major sector (industrial, residential, commercial,
and transportation). The third section contains the conclusions drawn from the survey.
Keywords: developing world energy, price and income elasticities, econometric survey, sectoral energy
demand
http://www.scribd.com/doc/26238473/A-Survey-of-Energy-Demand-Elasticities-for-the-DevelopingWorld-by-Dr-Carol-Dahl
Richard G. Zind, “The Importance of Oil to the Economies of the Organization of the Petroleum
Exporting Countries,” The Journal of Energy and Development, autumn 1992, vol. 18, no. 1, pp.4957.
Abstract
Using a two-sector growth model for the 1971-1990 time period, this paper estimates the
externalities generated by the oil sector for the 13 member countries of OPEC. The findings indicate that
productivity in these sectors was consistently higher than in the rest of the economy and that, in some
countries, significant positive externalities were generated by these sectors. This article also assesses the
degree to which the domestic economies still depend on these exports. A correlation analysis is presented
that details the strength of the relationship between oil exports and three key macroeconomic factors. A
comparison of the 1971-1980 with the 1981-1990 suggests a significant weakening of the dependence on
oil exports in the second period.
Keywords: oil exports, macroeconomic growth, OPEC, two-sector growth model, correlation analysis
http://www.scribd.com/doc/26238618/The-Importance-of-Oil-to-the-Economies-of-the-Organization-ofthe-Petroleum-Exporting-Countries-by-Richard-G-Zind

Abstracts from The Journal of Energy and Development

Charles Harvie, “Oil Shocks and the Macroeconomy: A Short- and Long-Run Comparison,” The
Journal of Energy and Development, autumn 1992, vol. 18, no. 1, pp. 59-94.
Abstract
This paper evaluates a number of models that were developed in the 1980s and 1990s to analyze
the macroeconomic adjustment processes arising from oil- or resource-related shocks. Many of these
models only focused on the short term, ignoring the medium- and long-run developments. The author
argues that to accurately identify the short-term adjustment processes arising in a resource-related model,
it should contain certain long-run properties. The paper’s objective is to compare and contrast the
adjustment processes arising between models emphasizing the short and long run.
Keywords: oil shocks, macroeconomics, modeling, short- and long-run properties
http://www.scribd.com/doc/26239902/Oil-Shocks-and-the-Macroeconomy-A-Short-and-Long-RunComparison-by-Charles-Harvie
Gary Sellers, “Application of Antitrust to a Deregulated Electric Utility: The Future of Power
Pooling,” The Journal of Energy and Development, autumn 1992, vol. 18, no. 1, pp. 95-121.
Abstract
This paper discusses the implications of applying antitrust laws to the U.S. electric utilities
industry and its potential impact on deregulation. This paper looks at the existing level of coordination,
planning, cooperation, and interconnection found in the U.S. electric utility industry and the gains from
power pooling. This paper presents a number of deregulation scenarios, an overview of the application of
antitrust liability, and gives an overview of the role of the Federal Energy Regulatory Agency (FERC).
The author argues that while in other industries some of these same practices would be deemed as
collusive, this is not the case for power pooling based on regulations by the FERC. In the presence of a
truly deregulated environment, tight pools would be forced to dissolve under pressure of antitrust.
Keywords: power pooling, U.S. electric utility industry, antitrust, FERC, deregulation
http://www.scribd.com/doc/26240024/Application-of-Antitrust-to-a-Deregulated-Electric-Utility-TheFuture-of-Power-Pooling-by-Gary-Sellers
Mohan Munasinghe, “Sustainable Power for Latin America and the Caribbean: Pricing Policy and
Related Options,” The Journal of Energy and Development, autumn 1992, vol. 18, no. 1, pp. 123-152.
Abstract
The power sector in many Latin American and Caribbean countries is facing a major set of
challenges that need to be addressed in the immediate future if the sector is to continue its role as an
engine of economic growth in the region rather than an impediment. This paper investigates a set of
policy options with special emphasis on electricity pricing, which should become a key element of the
response of decision makers to the power-sector crisis. The following policy options are presented:
efficient pricing of electric power; organizational and regulatory efficiency; and resource mobilization
and financing. However, these three measures need to be balanced against sociopolitical objectives and
trade-offs, environmental issues, and “traditional” power-sector concerns.
Keywords: power sector, Latin America, Caribbean, electricity pricing, sustainable power
http://www.scribd.com/doc/26240816/Sustainable-Power-for-Latin-America-and-the-Caribbean-PricingPolicy-and-Related-Options-by-Mohan-Munasinghe
Abstracts from The Journal of Energy and Development

The Journal of Energy and Development
spring 1992, volume 17, number 2
http://www.scribd.com/doc/25926553/The-Journal-of-Energy-and-Development-spring-1992-volume-17number-2
William D. Watson, “Economic Prospects for the Gulf Cooperation Council,” The Journal of
Energy and Development, spring 1992, vol. 17, no. 2, pp. 173-207.
Abstract
This paper discusses the economic prospects for the six members of the Gulf Cooperation
Council (GCC): Saudi Arabia, Kuwait, the United Arab Emirates (U.A.E.), Oman, Qatar, and Bahrain in
the aftermath of the first Gulf War. All of these economies are heavily dependent on oil and oil-derivate
exports, have relatively small populations, large expatriate labor forces, and burgeoning nonoil sectors
supported by recent massive investments in infrastructure, universities, and commercial buildings. There
is little doubt that hydrocarbons will continue to be the major support for GCC members. The premise of
this paper is that modest increases in oil prices will support a steady expansion of GCC oil production and
continued economic growth.
Keywords: Gulf Cooperation Council (GCC), oil-exporting economies, macroeconomic growth, Bahrain,
Kuwait, Oman, Qatar, Saudi Arabia, United Arab Emirates (U.A.E.)
http://www.scribd.com/doc/26240906/Economic-Prospects-for-the-Gulf-Cooperation-Council-byWilliam-D-Watson
Abdul-razak F. Al-Faris, “Income and Price Elasticities of Gasoline Demand in the Organization of
Arab Petroleum Exporting Countries,” The Journal of Energy and Development, spring 1992, vol.
17, no. 2, pp. 209-233.
Abstract
This paper looks at elasticities of demand for gasoline in the 11 countries that compose the
Organization of Arab Petroleum Exporting Countries (OAPEC), which includes Saudi Arabia, the United
Arab Emirates, Kuwait, Bahrain, Qatar, Iraq, Egypt, Syria, Algeria, Libya, and Tunisia. The paper has
two objectives: (1) to investigate the determinants of demand for gasoline in the OAPEC members and to
obtain short- and long-run income and price elasticities, and (2) to discuss the relevance of some proposed
governmental energy policies in these countries.
Keywords: Middle East and North Africa, elasticities of demand for gasoline, price elasticities, income
elasticities, OAPEC
http://www.scribd.com/doc/26240973/Income-and-Price-Elasticities-of-Gasoline-Demand-in-theOrganization-of-Arab-Petroleum-Exporting-Countries-by-Abdul-razak-F-Al-Faris
Noel D. Uri and Roy Boyd, “Redistributing the Energy Tax Burden in the Philippines,” The
Journal of Energy and Development, spring 1992, vol. 17, no. 2, pp. 225-247.
Abstract
Crude oil and refined petroleum products are taxed in a variety of ways by the Philippine
government and constitute approximately 25 percent of the government’s total revenue. Concern has
Abstracts from The Journal of Energy and Development

been raised that this concentration of the tax base on a single industry is very inefficient and has
potentially debilitating effects for the overall growth of the economy. This paper seeks to address the true
costs to the Philippine economy of a policy that taxes the petroleum industry so heavily, in terms of lost
output, lower expenditures on consumer goods and services, and reduced household income. The authors
present a model that assesses the energy tax burden in the Philippines across multiple sectors of the
economy.
Keywords: Philippines, petroleum taxation, economic policy, tax burdens, modeling energy tax burden
http://www.scribd.com/doc/26241069/Redistributing-the-Energy-Tax-Burden-in-the-Philippines-byNoel-D-Uri-and-Roy-Boyd
Bhaskar Natarajan and Bhavna Bhatia, “Comparison of Energy Prices for Different End-Use
Sectors in Bangladesh,” The Journal of Energy and Development, spring 1992, vol. 17, no. 2, pp.
249-262.
Abstract
Energy pricing in developing countries differs dramatically from that in developed countries. In
large part this is because in developing countries the government controls energy pricing, often times
fixing prices over long periods of time and with little or no relation to the globally set market price for
energy. For policy makers in developing countries, political and social considerations frequently
outweigh economic considerations in energy pricing, resulting in a complex mix of taxation and
subsidies. Thus, having an efficient energy pricing mechanism is extremely important in developing
countries as it will affect energy demand patterns, investments in energy and use of alternatives, and
social equity. This paper looks at these issues in the case of Bangladesh and evaluates how that country’s
economy should move with respect to alternative energy sources of commercial energy for different end
uses. An overview of demand and supply trends for commercial energy in Bangladesh is presented along
with a discussion of the prevailing policies in the various energy subsectors.
Keywords: Bangladesh, energy pricing, alternative energy, taxation, subsidies
http://www.scribd.com/doc/26241159/Comparison-of-Energy-Prices-for-Different-End-Use-Sectors-inBangladesh-by-Bhaskar-Natarajan-and-Bhavna-Bhatia
B.W. Ang, “Restraining Automobile Ownership and Usage and Transportation Energy Demand:
The Case of Singapore,” The Journal of Energy and Development, spring 1992, vol. 17, no. 2, pp.
263-278.
Abstract
This paper looks at the impact of transportation and traffic management approaches that have
been implemented in Singapore. Given the country’s high population density and limited land space,
these policies have been designed to discourage automobile ownership and optimize road usage, but have
resulted in major consequences for the population’s lifestyle, travel patterns, and transportation energy
demand. Singapore has been successful in maintaining a relatively free flow of road traffic and a low
level of automobile ownership resulting in considerable energy savings and mitigating negative
environmental impacts of traffic congestion. However, some of these government programs have been
unpopular with the public at large. The Singapore case shows that a series of measures (engineering,
administrative, fiscal, and educational) need to be considered together to tackle traffic congestion and that
success depends heavily on the public’s willingness to support and implement these policies.
Keywords: Singapore, transportation, energy demand, automobile ownership, traffic management
Abstracts from The Journal of Energy and Development

http://www.scribd.com/doc/26241296/Restraining-Automobile-Ownership-and-Usage-andTransportation-Energy-Demand-The-Case-of-Singapore-by-B-W-Ang
Javed Ashraf and Farhan Sabih, “Welfare Implications of Ramsey-Boiteux Pricing of Electricity in
Pakistan,” The Journal of Energy and Development, spring 1992, vol. 17, no. 2, pp. 279-290.
Abstract
This study analyzes the economic and welfare implications of electricity pricing in the Pakistan. The
authors use Ramsey-Boiteux pricing for different sectors of the Pakistani economy to assess how closely
existing pricing in the electricity sector is to second-best optimal pricing. The theory of life-line rates has
been integrated into the Ramsey model and changes in welfare resulting from the divergence of actual
prices from the marginal cost prices in the electricity sector is calculated. The results of this study are
provided along with the implications for policy makers on devising an electricity pricing structure that
reflects the true economic cost while leading to energy conservation.
Keywords: Pakistan, electricity pricing, energy pricing and welfare, Ramsey-Boiteux model
http://www.scribd.com/doc/26241349/Welfare-Implications-of-Ramsey-Boiteux-Pricing-of-Electricityin-Pakistan-by-Javed-Ashraf-and-Farhan-Sabih
Suleiman A. Bengharsa, “The Egyptian Natural Gas Remedy,” The Journal of Energy and
Development, spring 1992, vol. 17, no. 2, pp. 291-301.
Abstract
Egypt’s economy is challenged with a rapidly increasing demand in energy consumption while
the country’s domestic crude oil production has been stagnating and is anticipated to decline in the future.
Given that Egypt is a net oil exporter, rising internal demand for oil coupled with less production could
translate into less oil available for export resulting in decreased foreign-exchange supplies and difficulty
in repaying the nation’s external debt. This paper looks at the ways in which Egyptian energy subsidies
have distorted the true economic costs and led to artificially-high energy demand and usage. The author
suggests that the Egypt government must continue its commitment to switch its energy demand pattern to
utilize more natural gas domestically, thereby enabling the country to continue to export oil. This article
examines the different incentives that Egypt is taking to produce its domestic natural gas supply and how
natural gas can be a “remedy” to some of the country’s economic challenges.
Keywords: Egypt, natural gas, fuel switching, government policies, oil exports, subsidies
http://www.scribd.com/doc/26241444/The-Egyptian-Natural-Gas-Remedy-by-Suleiman-A-Bengharsa

The Journal of Energy and Development
Autumn 1991, volume 17, number 1
http://www.scribd.com/doc/25926900/The-Journal-of-Energy-and-Development-Autumn-1991-volume17-number-1
Edward D. LaFehr, “The Effects of Section 29 Tax Credit on Energy and the Environment: A CostBenefit Analysis,” The Journal of Energy and Development, autumn 1991, vol. 17, no. 1, pp. 1-22.
Abstracts from The Journal of Energy and Development

Abstract
Section 29 was a tax credit initiated in 1980 to promote natural gas drilling in the United States.
Many supporters of Section 29 have asserted that this tax credit has been vital in quickly developing U.S.
natural gas reserves; the tax credit’s critics say it has caused an oversupply condition that reduced gas
prices to some of their lowest levels. This paper attempts to quantify the costs and benefits of Section 29,
including its net effect on society and the environment. The categories studied include unconventional
gas resources production, price effects, environmental effects, government revenue, producer net revenue,
net job gains, and substitution. The author finds that from a historical perspective, the policy was
effective in achieving its goals. However changes in technology and the U.S. natural gas sector suggest
that a modified or alternative policy would be better suited going forward. In addition, the article finds
that the environmental effects of substituting gas for other fossil fuels in this cost-benefit study were
important, but not the dominant influence on the results. The Clean Air Act (CAA) already has forced up
the marginal cost of coal and oil compared with gas. The author postulates that the CAA has moved the
cost of burning hydrocarbon fuels proportionally closer to reflecting a socially optimum price.
Keywords: U.S. natural gas, Section 29 tax credit, U.S. energy policy, Clear Air Act, unconventional gas
http://www.scribd.com/doc/26241514/The-Effects-of-Section-29-Tax-Credit-on-Energy-and-theEnvironment-A-Cost-Benefit-Analysis-by-Edward-D-LaFehr
Angus Campbell, Ricardo Ganoza, and Jeffrey Johnson, “Economic Evaluation of the Grand
Junction Uranium Industry: Unrealized Social Costs,” The Journal of Energy and Development,
autumn 1991, vol. 17, no. 1, pp. 23-46.
Abstract
This paper reviews the Uranium Mill Tailings Remedial Action Project (UMTRAP) in Grand
Junction, Colorado, including a presentation of the history and policies related to uranium mining, the
hypothetical internalization of remediation costs and its implications, and the cost effectiveness of this
project based on cost per statistical lives saved. The authors attempt to measure and internalize the costs
associated with the health risks caused by the improper disposal of uranium mill tailings at Grand
Junction. The economic viability of the cost internalization is discussed and a comparison between
alternatives is made. The paper suggests that even though the internalization of environmental costs
would have increased the total costs of producing uranium, the Climax mill would still have been able to
operate at a profit.
Keywords: U.S. uranium mining, cost internalization models, the Uranium Mill Tailing Remedial Action
Project, environmental impacts of mining, remediation costs, Colorado
http://www.scribd.com/doc/26241625/Economic-Evaluation-of-the-Grand-Junction-Uranium-IndustryUnrealized-Social-Costs-by-Angus-Campbell-Ricardo-Ganoza-and-Jeffrey-Johnson
George H. Wayne, Jr., “Possibility Theory and Fuzzy Sets: Theory of Applications to Energy and
Environmental Policy Analysis,” The Journal of Energy and Development, autumn 1991, vol. 17, no.
1, pp. 47-64.
Abstract
This article looks at the issue of how the U.S. government should deal with uncertainty with respect
to energy policy and develop standards with socially optimal results. The author suggests the use of
possibility theory in the valuation process when analyzing energy policy decisions faced with a high
degree of uncertainty. In the first section, the role that uncertainty plays in decision-making processes is
discussed and why it is important to address it in energy policy analysis. In the second section, the author
Abstracts from The Journal of Energy and Development

looks at the reasons why using possibility theory rather than probability theory in the benefit-cost analysis
valuation process might be preferred. The concept of using possibility theory is applied to the case of
energy and environmental policy making in the Arctic National Wildlife Refuge (ANWR). The paper
concludes by discussing the idea behind setting a standard approach to addressing uncertainty in energy
policy analysis and the pros and cons of adopting possibility theory as a method of valuation in
influencing energy policy.
Keywords: possibility theory, ANWR, U.S. energy policy, fuzzy sets, environmental cost analysis,
uncertainty
http://www.scribd.com/doc/26241700/Possibility-Theory-and-Fuzzy-Sets-Theory-of-Applications-toEnergy-and-Environmental-Policy-Analysis-by-George-H-Wayne-Jr
Jeffrey B. Jennings, “Economic and Environmental Impacts of California Outer Continental Shelf
Oil Development,” The Journal of Energy and Development, autumn 1991, vol. 17, no. 1, pp. 65-78.
Abstract
This paper provides a cost-benefit study of the economic and environmental impacts of offshore oil
exploration and development of California Outer Continental Shelf (OCS). For decades there has been a
moratorium on drilling in the California OCS this assessment quantifies the impact of this policy. Topics
covered in this article include: an estimate of oil reserves along the California coast; the probability of an
oil spill; the damage costs from oil spills; the net present cost of California oil spills; the benefits of OCS
development; and concludes with a summary of the costs and benefits of OCS development.
Keywords: drilling offshore California, U.S. energy policy, Outer Continental Shelf, oil spills
http://www.scribd.com/doc/26241769/Economic-and-Environmental-Impacts-of-California-OuterContinental-Shelf-Oil-Development-by-Jeffrey-B-Jennings
Ronald Reed and Terence D. Stevens, “Electric Utility Sulfur Dioxide Emission Compliance:
Strategic Alternatives and Marketable Permits,” The Journal of Energy and Development, autumn
1991, vol. 17, no. 1, pp. 79-98.
Abstract
This study explores: (1) the efforts within the United States to correct market deficiencies in
assessing and addressing the harmful externalities due to sulfur dioxide emissions and acid rain, with
emphasis on marketable permits; (2) specific policy instruments implemented; and (3) economic and
environmental implications from intervention. The focus is on electrical utility power generation. The
authors discuss the Clear Air Act, the 1990 Amendment to the Clear Air Act, marketable emissions, and
compliance options for electric utilities through the use of low-sulfur coal, clean coal technology, demand
side management, and switching to natural gas.
Keywords: sulfur dioxide emissions, acid rain, Clean Air Act (CAA), 1990 CCA Amendment, emissions
trading, electric utilities, environmental legislation, U.S. energy policy, coal, demand side management
http://www.scribd.com/doc/26241881/Electric-Utility-Sulfur-Dioxide-Emission-Compliance-StrategicAlternatives-and-Marketable-Permits-by-Ronald-Reed-and-Terence-D-Stevens
Jon H. Weisel and Jon E. Kelly, “U.S. Energy and the Impact of Acid Rain Legislation,” The
Journal of Energy and Development, autumn 1991, vol. 17, no. 1, pp. 99-120.
Abstracts from The Journal of Energy and Development

Abstract
This study considers whether earlier U.S. government policies enacted to promote increased use of
abundant U.S. coal resources will be adversely affected by the 1990 Amendment to the Clean Air Act.
The 1990 Amendment was designed to mitigate the damage to the environment caused by acid rain
through significant reductions in the emissions of sulfur oxides and other acidic precursors. This paper
also examines whether benefits to the environment and public health resulting from the new law outweigh
costs to the consumer. Emphasis is placed on evaluating the efficiency of marketable permits to meet the
emission standards set by the amendment. The scope of this assessment is limited to the study of Title IV
of the 1990 Amendment, which pertains specifically to sulfur dioxide emissions caused by electric
utilities. The authors conclude that the 1990 Amendment inhibits, but does not abort, earlier government
policies designed to make greater use of U.S. coal. Other economic and environmental factors have
played a role in making natural gas the fuel of choice for new electric-generating capacity. Additionally,
the authors conclude that tradable emission permits seem destined to be the paradigm for future
environmental legislation.
Keywords: acid rain, Clean Air Act (CAA), 1990 CAA Amendment, emissions trading, coal, sulfur
dioxide, electric utilities, environmental legislation, U.S. energy policy
http://www.scribd.com/doc/26242004/U-S-Energy-and-the-Impact-of-Acid-Rain-Legislation-by-Jon-HWeisel-and-Jon-E-Kelly
Ralph A. Cantafio and Thomas C. Graves, “Economic and Environmental Implications of Utility
Fuel Selection: Public Service Company of Colorado,” The Journal of Energy and Development,
autumn 1991, vol. 17, no. 1, pp. 121-137.
Abstract
The focus of this article is the study of fuel selection by the Arapahoe and Cherokee power plants
owned by the Public Service Company of Colorado (PSC). The Arapahoe and Cherokee power plants are
aging coal-fired facilities that provide a large amount of generating capacity, but their emissions greatly
impact regional air quality. The authors undertake a cost-benefit analysis that compares the usage of coal
to that of natural gas to power these two plants and the resulting economic and environmental
implications. In addition, they discuss PCS’s efforts to promote clean coal technology in these two power
plants. The authors conclude that the company’s decision to use low-sulfur coal and clean coal
technology in the Arapahoe and Cherokee power plants, instead of converting them to natural-gas fired
facilities, is a sound strategy.
Keywords: Public Service Company of Colorado, coal-fired power plants, emissions and air quality,
natural gas versus coal, cost-benefit analysis
http://www.scribd.com/doc/26242100/Economic-and-Environmental-Implications-of-Utility-FuelSelection-Public-Service-Company-of-Colorado-by-Ralph-A-Cantafio-and-Thomas-C-Graves
Joseph G. Kostka, “The Transmission, Distribution, and Consumption of Natural Gas: A Colorado
Case Study,” The Journal of Energy and Development, autumn 1991, vol. 17, no. 1, pp. 139-150.
Abstract
This article focuses on the transmission, distribution, and consumption of natural gas in the Colorado
Springs metropolitan area. The paper gives an overview of natural gas demand in Colorado Springs, the
historic role of government intervention in natural gas transmission, and the support of natural gas usage
from an environmental standpoint.
Abstracts from The Journal of Energy and Development

Keywords: natural gas, Colorado Springs, pipelines, natural gas distribution, environmental policies
http://www.scribd.com/doc/26242218/The-Transmission-Distribution-and-Consumption-of-Natural-GasA-Colorado-Case-Study-by-Joseph-G-Kostka

The Journal of Energy and Development
spring 1991, volume 16, number 2
http://www.scribd.com/doc/25927392/The-Journal-of-Energy-and-Development-spring-1991-volume-16number-2
Karl Hausker, “Automobile Fuel Efficiency Stalls in the 102d Congress,” The Journal of Energy
and Development, spring 1991, vol. 16, no. 2, pp. 175-194.
Abstract
This paper presents the issues surrounding debated legislation in the U.S. Congress in 1990 and 1991
that would have required increases in the government’s fuel efficiency for automobiles. The standards
set forth by the U.S. government for fuel efficiency are referred to as corporate average fuel economy
standards, commonly known as CAFE standards. This article presents some of the historical background
on the CAFE controversy and describes the various groups opposing and supporting this legislation in the
102d U.S. Congress.
Keywords: CAFE standards, U.S. fuel-efficiency legislation, 102d U.S. Congress
http://www.scribd.com/doc/26263094/Automobile-Fuel-Efficiency-Stalls-in-the-102d-Congress-by-KarlHausker
Xiannuan Lin, “Declining Energy Intensity in China's Industrial Sector,” The Journal of Energy
and Development, spring 1991, vol. 16, no. 2, pp. 195-218.
Abstract
This article analyzes energy intensity in China’s industrial sector during the decade of the 1980s and
describes the trend of declining energy intensity. The paper explores how this drop in energy intensity
occurred in China’s industrial sector, primarily through increases in energy efficiency, and provides a
model for assessing this shift at a sector/industry level.
Keywords: China, energy consumption, industrial sector, energy efficiency, industrial energy intensity
http://www.scribd.com/doc/26263289/Declining-Energy-Intensity-in-China-s-Industrial-Sector-byXiannuan-Lin
Dennis B. K. Hwang and Burel Gum, “The Causal Relationship Between Energy and GNP: The
Case of Taiwan,” The Journal of Energy and Development, spring 1991, vol. 16, no. 2, pp. 219-226.
Abstract
This paper applies the technique of causal analysis in the investigation of the causal relationship
between energy consumption and GDP in Taiwan. The authors use the Granger causality test with Hsiao
sequential procedure and find that in the case of Taiwan there is bidirectional causality. The findings of
bidirectional causality for Taiwan is unique because this may indicate that a country, which is small and
Abstracts from The Journal of Energy and Development

highly dependent on foreign energy, has a stronger causal linkage between energy and GNP than that for
a larger, more energy-sufficient nation.
Keywords: causal relationships, energy consumption and GPD, Taiwan, Granger causality test, Hsiao
procedure
http://www.scribd.com/doc/26263606/The-Causal-Relationship-Between-Energy-and-GNP-The-Case-ofTaiwan-by-Dennis-B-K-Hwang-Burel-Gum
Keun-Wook Paik, “Japan, Korea, and the Development of Russian Far Eastern Energy
Resources,” The Journal of Energy and Development, spring 1991, vol. 16, no. 2, pp. 227-245.
Abstract
This paper offers an assessment of the role that Russian Far Eastern energy resources could play in
meeting the energy needs of Japan and Korea. The article, written in the early 1990s, showcases the
opportunities for the development of oil and gas in the Sakhalin offshore and Yakutian areas in the
Russian Far East. In particular, the author discusses the role of Japanese and Korean companies’
participation in the Russian Far East oil and gas development.
Keywords: Japan, Korea, Russian Far Eastern energy, Sakhalin, Siberia
http://www.scribd.com/doc/26263812/Japan-Korea-and-the-Development-of-Russian-Far-EasternEnergy-Resources-by-Keun-Wook-Paik
Nancy J. Burnett, “Oil Shocks, Productivity, and the Economic Slowdown,” The Journal of Energy
and Development, spring 1991, vol. 16, no. 2, pp. 247-254.
Abstract
This paper examines the relationship of the oil price shocks of 1973-1974 and 1979-1980 and the
following economic slowdown by studying petroleum and economy-wide productivity for evidence. In
theory, the oil crisis ought to have caused substitution away from oil and energy-intensive methods
toward more labor-intensive production. Surprisingly, the author finds evidence that oil has an effect
upon labor productivity, but that effect actually declined after the oil crisis of the early 1970s, leading one
to suspect that industry adjustments to the crisis were varied enough to diminish the direct relationship oil
has to the overall economy. This article has implications for assessments of future oil shocks and their
effects on the U.S. economy.
Keywords: oil shocks, U.S. economy, labor productivity, petroleum sector
http://www.scribd.com/doc/26264037/Oil-Shocks-Productivity-and-the-Economic-Slowdown-by-NancyJ-Burnett
Khairy A. Tourk, “Oil Price Shocks and the Asian Newly Industrialized Countries' Response: A
Case Study of South Korea and Taiwan,” The Journal of Energy and Development, spring 1991, vol.
16, no. 2, pp. 255-266.
Abstract
This paper analyzes the economic effects of two oil price shocks (1973-1974 and 1979-1980) in South
Korea and Taiwan. The author details the different governmental policies that ensued in response to each
shock and the results. The conclusion is that the initial shocks of the two oil crises were quickly
dissipated through the use of appropriate monetary policies, the restructuring of the two economies, and
Abstracts from The Journal of Energy and Development

phenomenal expansion in exports. These factors mitigated the economic cost of high energy prices and
may offer policy makers some direction in dealing with future oil price shocks.
Keywords: oil price shocks, Taiwan, Korea, monetary policy, 1973 oil crisis, 1980 oil shock
http://www.scribd.com/doc/26264278/Oil-Price-Shocks-and-the-Asian-Newly-Industrialized-CountriesResponse-A-Case-Study-of-South-Korea-and-Taiwan-by-Khairy-A-Tourk
Robert E. Looney, “Infrastructural Constraints on Energy Development: The Case of Pakistan,”
The Journal of Energy and Development, spring 1991, vol. 16, no. 2, pp. 267-286.
Abstract
This paper, written in the early 1990s, describes some of the significant constraints that Pakistan faced
in developing an adequate infrastructure to meet its energy needs. Many of these constraints continue to
this day (2010). The author examines the deficiency in infrastructure that caused energy output to lag
behind the country’s energy demand and implications for government policy. The energy supply and
demand situation for Pakistan during the 1970s and 1980s is detailed.
Keywords: Pakistan, energy issues, infrastructure, energy supply and demand
http://www.scribd.com/doc/26264475/Infrastructural-Constraints-on-Energy-Development-The-Case-ofPakistan-by-Robert-E-Looney
Secil Tuncalp and Abdulla Al-Ibrahim, “Saudi Arabia's Petrochemical Industry: Growth and
Performance,” The Journal of Energy and Development, spring 1991, vol. 16, no. 2, pp. 287-306.
Abstract
This paper looks at the development of Saudi Arabia’s petrochemical industry from the 1970s through
the 1980s. The authors focus on the hydrocarbon-based industries established by the Saudi Basic
Industries Corporation (SABIC), describe this company and its corporate structure, and investigate the
overall performance of the SABIC industries.
Keywords: Saudi Arabia, petrochemical development, Saudi Basic Industries Corporations (SABIC)
http://www.scribd.com/doc/26264675/Saudi-Arabia-s-Petrochemical-Industry-Growth-and-Performanceby-Secil-Tuncalp-Abdulla-Al-Ibrahim
Raghbendra Jha, M. N. Murty, Balbir S. Sahni, and Satya Paul, “Allocative Efficiency, Scale
Economies, and Technical Progress in the Gas and Electricity Industry of India,” The Journal of
Energy and Development, spring 1991, vol. 16, no. 2, pp. 307-320.
Abstract
This paper develops a framework to test for allocative inefficiency in the gas and electricity industry in
India. The authors are able to establish that there is no evidence of allocative inefficiency. The article
next examines the cost structure of this industry using a very general specification — the translog. In
particular, the authors examine factor substitution, scale economies, and technical progress in the
electricity industry in India. The period covered is 1960 to 1983.
Keywords: India, gas and electricity industry, allocative inefficiency, scale economies, factor substitution

Abstracts from The Journal of Energy and Development

http://www.scribd.com/doc/26265767/Allocative-Efficiency-Scale-Economies-and-Technical-Progressin-the-Gas-and-Electricity-Industry-of-India-by-Raghbendra-Jha-M-N-Murty-Balbir-S

The Journal of Energy and Development
Autumn 1990, volume 16, number 1
http://www.scribd.com/doc/25927882/The-Journal-of-Energy-and-Development-Autumn-1990-volume16-number-1
Ronald P. Wilder, Joseph E. Johnson, and R. Glenn Rhyne, “Income Elasticity of the Residential
Demand for Electricity,” The Journal of Energy and Development, autumn 1990, vol. 16, no. 1, pp.
1-13.
Abstract
This study focuses on a single aspect of residential demand for electricity, income elasticity, and its
variability across income levels. The authors employ a methodology that provides for variable income
elasticity across income classes, which allows insight into appliance saturation. After the presentation of
their model, the following findings are presented: the predominant effect of income on electricity
consumption is its effect on size of residency and appliance stock and income elasticity of demand for
electricity is highly variable across income classes.
Keywords: income elasticity, residential demand for electricity, appliance saturation, modeling
http://www.scribd.com/doc/26272741/Income-Elasticity-of-the-Residential-Demand-for-Electricity-byRonald-P-Wilder-Joseph-E-Johnson-and-R-Glenn-Rhyne
Raúl Monteforte, “A Review of Power-Sector Economics in Mexico,” The Journal of Energy and
Development, autumn 1990, vol. 16, no. 1, pp. 15-36.
Abstract
This paper offers a review of the economics of the Mexican power sector in the 1970s and 1980s.
The following subjects regarding the Mexican power sector are covered: the share of the sector in total
investments, the indebtedness of the power sector, the domestic financing rate, the average cost of supply,
the operation costs, power plant construction delays, tariffs, profitability in the sector, and productivity.
The author concludes that even though the Mexican electricity supply industry was one of the fastestgrowing sectors of the economy over the period of 1972 to 1989, its macro and microeconomic
performance was far from satisfactory.
Keywords: Mexican power sector, productivity, performance, investment, Mexican economy, government
policies
http://www.scribd.com/doc/26285003/A-Review-of-Power-Sector-Economics-in-Mexico-by-RaulMonteforte
Massood V. Samii and Masoud Ameri, “OPEC and the Oil Market: Short- and Medium-Term
Prospects,” The Journal of Energy and Development, autumn 1990, vol. 16, no. 1, pp. 37-50.
Abstract
Abstracts from The Journal of Energy and Development

This article offers a perspective shortly after the Iraqi invasion of Kuwait and the first Gulf War
(1991) of the challenges facing OPEC in stabilizing crude oil prices. These challenges involved
stabilizing crude prices in the short run and building adequate production and export capabilities over the
longer term. The paper provides a background on OPEC’s reaction to and production levels during the
first Gulf War, along with global energy demand and supply. The authors suggest that a way to avoid
future shortages in the oil market accompanied by major price hikes is for oil-producing countries,
particularly OPEC, to build up additional production capacity.
(Note: Due to the delayed printing of the autumn 1990 issue of The Journal of Energy and Development,
this article was actually written in 1991.)
Keywords: First Gulf War, OPEC, stabilizing oil prices, Middle East oil production
http://www.scribd.com/doc/26285302/OPEC-and-the-Oil-Market-Short-and-Medium-Term-Prospectsby-Massood-V-Samii-and-Masoud-Ameri
Howard M. Shanker, “The New Clean Air Act and Its Impact on the Cogeneration Industry,” The
Journal of Energy and Development, autumn 1990, vol. 16, no. 1, pp. 51-66.
Abstract
This article, written in the early 1990s in response to the enactment of the Clean Air Act
Amendments of 1990 by the U.S. Congress, is an assessment of the potential impact of this new
legislation on the cogeneration industry in the United States. It offers a history of U.S. environmental
legislation and its effect on this industry from the 1960s onwards. Additionally, the provisions of the
Clean Air Act Amendments of 1990 are discussed, focusing on emissions of carbon monoxide, sulfur
dioxide, nitrogen dioxide, ozone, particulate matter, and lead. The permitting and emissions trading
program are also outlined. The author concludes that the amendments would not “sound the death knell”
for the cogeneration industry even though the overall effect of the legislation would lead to increased
costs for environmental compliance. This article has relevance today (2010) given the ongoing issues
over managing carbon dioxide emissions, legislation, and public policy.
Keywords: EPA, Clean Air Act 1990 amendments, U.S. cogeneration industry, emissions, carbon
monoxide, sulfur dioxide, nitrogen dioxide, ozone, particulate matter, lead
http://www.scribd.com/doc/26285425/The-New-Clean-Air-Act-and-Its-Impact-on-the-CogenerationIndustry-by-Howard-M-Shanker
Mahmoud A. Kaboudan, “A Subsidy-Switching Model Applied to Electricity Consumption,” The
Journal of Energy and Development, autumn 1990, vol. 16, no. 1, pp. 67-77.
Abstract
This paper contains a subsidy-switching model to eliminate price supports for electricity. This is
relevant to many developing countries where there is a discrepancy between government-set prices and
market prices.
Keywords: subsidies, electricity consumption, economic modeling, subsidy-switching model
http://www.scribd.com/doc/26286343/A-Subsidy-Switching-Model-Applied-to-Electricity-Consumptionby-Mahmoud-A-Kaboudan

Abstracts from The Journal of Energy and Development

Yousuf H. Mohammad, “Non-OPEC Oil Supply,” The Journal of Energy and Development, autumn
1990, vol. 16, no. 1, pp. 79-90.
Abstract
This paper, written in the early 1990s, provides an assessment of the prevailing views at that time on
the role of non-OPEC oil supply. The author, using data from the 1980s, develops an aggregate supply
function for the non-OPEC producers as well as a separate supply function for the U.K. North Sea region.
The author’s conclusions, based on his economic model, suggest that non-OPEC oil producers are
unaffected by short-term fluctuations in world oil prices and that a decline in their output does not
materialize unless prices plunge below $10.00 per barrel. However, in periods of high market prices
these producers are not capable of stepping up their production either, and the bulk of output expansion
has to come from OPEC members. While in the short and medium term non-OPEC producers are an
important factor in the world oil market, in the long run OPEC members are the ones that can respond to
increased production demands.
Keywords: non-OPEC oil, supply functions, North Sea oil, OPEC and non-OPEC reserves and production
http://www.scribd.com/doc/26286446/Non-OPEC-Oil-Supply-by-Yousuf-H-Mohammad
Timothy J. Stanton, “Did the 1977 Amendment to the Clean Air Act Eliminate the Low-Sulfur Coal
Incentive for Electric Power Plants?” The Journal of Energy and Development, autumn 1990, vol.
16, no. 1, pp. 91-107.
Abstract
This paper evaluates whether the 1977 Amendment to the Clean Air Act, which limited sulfur dioxide
emissions, forced utilities to alter decisions regarding coal-fired generating plants and did the legislation
eliminate incentives for these plants to use low-sulfur coal. The paper gives a historical background on
sulfur dioxide regulations in the United States, followed by an explanation of the 1977 Amendment. The
author develops a cost-function behavior model of production decisions at the plant level. The 1977
Amendment to the Clear Air Act was implemented in part to alleviate the detrimental impact that the
original 1970 Act had on high-sulfur coal plants. Since the original act allowed management choice in
input usage to meet emissions standards, managers generally chose to substitute low-sulfur coal for highsulfur coal. By requiring mandatory reduction of sulfur emissions for all plants regulated under the 1977
Amendment, legislators hoped to remove this low-sulfur incentive and restore the competitiveness of
high-sulfur coal − a goal which the author concludes was only partially successful.
Keywords: Clean Air Act, 1977 Amendment, high-sulfur coal, electric power plants, U.S. environmental
legislation, cost-function behavior model
http://www.scribd.com/doc/26286574/Did-the-1977-Amendment-to-the-Clean-Air-Act-Eliminate-theLow-Sulfur-Coal-Incentive-for-Electric-Power-Plants-by-Timothy-J-Stanton
Amin M. Kianian, “The Demand for Refined Petroleum Products in Iran: Estimation and
Projection,” The Journal of Energy and Development, autumn 1990, vol. 16, no. 1, pp. 109-119.
Abstract
This article, written in the early 1990s, develops an econometric model to estimate the demand
for refined petroleum products in Iran and gives a forecast for demand trends to the year 2000. Iran has a
tremendous demand for refined petroleum products and this model takes into consideration the four major
types of refined products: gasoline, kerosene, gas oil, and fuel oil. Topics covered in this article include:
the structure of the Iranian energy market; Iranian demand for refined products from 1957 to 1990; and a
forecast for refined product demand in Iran from 1990-2000.
Abstracts from The Journal of Energy and Development

Keywords: Iran, energy market, refined petroleum products, econometric demand model, gasoline,
kerosene, gas oil, fuel oil
http://www.scribd.com/doc/26286716/The-Demand-for-Refined-Petroleum-Products-in-Iran-Estimationand-Projection-by-Amin-M-Kianian
Donald A. Murry and Gehuan D. Nan, “The Energy Consumption and Employment Relationship:
A Clarification,” The Journal of Energy and Development, autumn 1990, vol. 16, no. 1, pp. 121-132.
Abstract
This paper reexamines the relationship between energy consumption and employment and explains the
seemingly conflicting results in the literature, in part by correcting errors in the papers of earlier authors.
The authors use both the Granger two-variable unidirectional causal test and the Sims causal test to
examine the relationship between total employment and energy consumption in the United Sates. The
authors found no significant unidirectional causality from energy consumption to employment. But they
did find a significant unidirectional causality from employment to energy consumption.
Keywords: causality, U.S. energy consumption and employment, Granger causality test, Sims causality
test
http://www.scribd.com/doc/26286861/The-Energy-Consumption-and-Employment-Relationship-AClarification-by-Donald-A-Murry-Gehuan-D-Nan
Shawkat Hammoudeh and Vibhas Madan, “The Market Equilibrium of OPEC's Pricing
Mechanism,” The Journal of Energy and Development, autumn 1990, vol. 16, no. 1, pp. 133-145.
Abstract
Written in the early 1990s, this paper examines the stability of OPEC’s oil-pricing mechanism.
It presents a strategy that would enable the organization to achieve a target price based upon market
equilibrium with increased rapidity through adjusting production output ceilings. This strategy is applied
using data on market and target prices, actual output, and output ceilings for the first quarter of 1991. The
main finding is that, given the target price, OPEC’s equilibrium market demand is significantly lower
than the assigned output ceilings.
Keywords: OPEC, oil pricing, equilibrium pricing, price targeting
http://www.scribd.com/doc/26286967/The-Market-Equilibrium-of-OPEC-s-Pricing-Mechanism-byShawkat-Hammoudeh-Vibhas-Madan

The Journal of Energy and Development
spring 1990, volume 15, number 2
http://www.scribd.com/doc/25928070/The-Journal-of-Energy-and-Development-spring-1990-volume-15number-2
A. Aydin Cecen, “Optimal Growth, Resource Extraction, and Transfer of Technology,” The
Journal of Energy and Development, spring 1990, vol. 15, no. 2, pp. 175-187.
Abstract
Abstracts from The Journal of Energy and Development

This paper analyzes the optimal growth strategy for a small economy dependent upon resource
extraction while importing foreign technology in order to increase domestic productivity. A new
economic model is put forth that goes beyond the traditional assumption of exogenous technical change
with the introduction of technical change in the form of the transfer of technology from abroad.
Keywords: economic modeling, resource extraction, technology transfer
http://www.scribd.com/doc/26703710/Optimal-Growth-Resource-Extraction-and-Transfer-ofTechnology-by-A-Aydin-Cecen
Gorti V. L. Narasimham, “Econometric Models for Member States of the Gulf Cooperation
Council,” The Journal of Energy and Development, spring 1990, vol. 15, no. 2, pp. 189-209.
Abstract
This paper presents econometric models for the countries belonging to the Gulf Cooperation
Council (GCC). Due to their heavy dependence on energy exports, these economies have several unique
factors that need to be included in a model. Five categories are involved in this model: the petroleum
sector, national accounts, imports and balance of payments, fiscal accounts, and money and prices. The
six GCC country (Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates) models
are simulated for the period 1987 to 2010 under different assumptions of crude oil prices.
Keywords: econometric modeling, oil-exporting economies, Gulf Cooperation Council, Arab Gulf states
http://www.scribd.com/doc/26703797/Econometric-Models-for-Member-States-of-the-Gulf-CooperationCouncil-by-Gorti-V-L-Narasimham
Thomas C. Lowinger, “Japan's Nuclear Energy Development Policies: An Overview,” The Journal
of Energy and Development, spring 1990, vol. 15, no. 2, pp. 211-230.
Abstract
This article, written in the early 1990s, offers a review of Japan’s nuclear energy development policies,
placing them in the context of the country’s overall energy strategy. The author finds that the Japanese
nuclear program in the 1970s and 1980s has been reasonably successful when evaluated on the bases of
technical and safety criteria and its economic competitiveness. But the author predicts that it will be more
difficult for the country to meet its nuclear power development objectives in the future due to problems
related to new plant siting, nuclear waste management, and public acceptance.
Keywords: Japan, nuclear power, energy policies
http://www.scribd.com/doc/26703903/Japan-s-Nuclear-Energy-Development-Policies-An-Overview-byThomas-C-Lowinger
Mihssen Kadhim and Mohammad Almahmeed, “Exchange-Rate Determination in an Oil-Based
Economy: The Case of Kuwait,” The Journal of Energy and Development, spring 1990, vol. 15, no. 2,
pp. 231-255.
Abstract
This paper uses Kuwait as a case study to analyze exchange-rate determination in an oil-based
economy. As oil is denominated in U.S. dollars, countries that are major oil exporters are highly
susceptible to variations in their local currencies versus the U.S. dollar. In this case study, the following
questions were addressed: what is the impact of changes in the exchange rate on the Kuwaiti economy;
Abstracts from The Journal of Energy and Development

how should the exchange-rate policy be coordinated with other relevant domestic policies; and, is the
exchange rate of the Kuwaiti dinar consistent with strategic policy objectives?
Keywords: Kuwait, exchange rate, Kuwaiti dinar, U.S. dollar
http://www.scribd.com/doc/26704024/Exchange-Rate-Determination-in-an-Oil-Based-Economy-TheCase-of-Kuwait-by-Mihssen-Kadhim-Mohammad-Almahmeed
Noel D. Uri and Mohinder Gill, “The Agricultural Demand for Natural Gas and Liquefied
Petroleum Gas in the United States,” The Journal of Energy and Development, spring 1990, vol. 15,
no. 2, pp. 257-273.
Abstract
This paper develops two separate economic models to assess agricultural demand for natural gas and
liquefied petroleum gas (LPG) by farmers in the United States. The models are then applied to data from
the time period of 1971 to 1989. These studies were designed to determine whether farmers adjust their
consumption of natural gas and LPG in response to changes in the relative prices of different types of
energy. The conclusions suggest that the price of natural gas is a factor impacting the quantity of natural
gas demanded by farmers. Similarly, the price of LPG is a factor impacting the quantity of that gas
demanded by farmers. But there is no indication that other types of energy are substitutes for natural gas
or LPG. Additionally, the number of acres irrigated was an important factor driving the demand for both
natural gas and LPG.
Keywords: U.S. agricultural sector, energy demand models, natural gas, liquefied petroleum gas (LPG)
http://www.scribd.com/doc/26723452/The-Agricultural-Demand-for-Natural-Gas-and-LiquefiedPetroleum-Gas-in-the-United-States-by-Noel-D-Uri-and-Mohinder-Gill
Fahed M. Al-Ajmi, “The Effect of Sociopolitical Events on OPEC's Market-Share Stability,” The
Journal of Energy and Development, spring 1990, vol. 15, no. 2, pp. 275-286.
Abstract
This paper analyzes the effects of sociopolitical factors, as well as economic factors, on OPEC’s
oil production behavior over the 1970 to 1988 period. This span is subdivided into two periods of 19701982 and 1983-1988 in order to determine whether there was a significant structural shift in OPEC’s
production behavior after the organization assigned quotas to its members in 1983. A discussion of
sociopolitical instability is presented followed by the model, data, and a reporting of the model’s results
for OPEC’s 11 country members. The author concludes that sociopolitical factors did have a significant
effect on OPEC’s output behavior and that sociopolitical pressures undermined OPEC’s production
decisions. At an individual level, Saudi Arabia was found to be politically stable, but Iran and Iraq were
politically unstable, translating into inflexibility in their production capacities. It was anticipated that
sociopolitical instability would be significant for some individual OPEC members, especially Nigeria,
Algeria, and Venezuela. The study suggests that both economic and sociopolitical factors must be
considered in evaluating OPEC production levels.
Keywords: OPEC, sociopolitical instability, oil production quotas, Iraq, Iran, Saudi Arabia, Nigeria,
Algeria, Venezuela, Indonesia, the United Arab Emirates, Qatar, Kuwait, Libya
http://www.scribd.com/doc/26723792/The-Effect-of-Sociopolitical-Events-on-OPEC-s-Market-ShareStability-by-Fahed-M-Al-Ajmi
Abstracts from The Journal of Energy and Development

Siamack Shojai, “Supply Shocks and the Economy of Selected OPEC Members,” The Journal of
Energy and Development, spring 1990, vol. 15, no. 2, pp. 287-297.
Abstract
This paper presents a macroeconomic model of six oil-exporting countries, which looks at the
direct impact of the oil sector on many key macroeconomic variables. The author presents his model and
then the estimation method is given for six countries (Indonesia, Iran, Kuwait, Nigeria, Saudi Arabia, and
Venezuela) over the 1973-1985 period.
Keywords: macroeconomic models, oil-exporting countries, Indonesia, Iran, Kuwait, Nigeria, Saudi
Arabia, Venezuela
http://www.scribd.com/doc/26724109/Supply-Shocks-and-the-Economy-of-Selected-OPEC-Membersby-Siamack-Shojai
Salah Abosedra, “The Effects of Changes in the International Oil Market on the Libyan Economy,”
The Journal of Energy and Development, spring 1990, vol. 15, no. 2, pp. 299-314.
Abstract
This article, written in the early 1990s, focuses on oil price shocks and their effects on the Libyan
economy. The author develops a macroeconomic model of the Libyan economy using annual data from
1962 through 1985. The Libyan economy is highly dependent on revenues from oil exports and therefore
fluctuations in world oil prices. The empirical results show that the gross domestic absorption in Libya is
rather sensitive to changes in world oil prices. Higher oil prices result in higher revenues for the country
that could be utilized to finance more imports. Output in the nonoil sector also was found to be sensitive
to changes in world oil prices.
Keywords: Libya, oil sector, macroeconomic modeling
http://www.scribd.com/doc/26724391/The-Effects-of-Changes-in-the-International-Oil-Market-on-theLibyan-Economy-by-Salah-Abosedra

Abstracts from The Journal of Energy and Development